Polymarket Insider Wallets Claim $630K by Betting on Venezuelan President’s Ouster

3 insider wallets on the popular prediction network, Polymarket, have captured market-wide attention by recently making notable profits. Hence, the insider Polymarket wallets have netted a cumulative $630,484 in profit by betting huge bets on the ouster of Nicolás Maduro, the President of Venezuela.

As per the data from Lookonchain, they placed these bets just a few hours before his arrest. Additionally, the recent creation and funding of these wallets also raises speculation of a collaborative insider activity.

Insider Wallets Earn $630K via Polymarket on Bets Against Maduro

Netting a staggering $630,484 from large bets on Polymarket against the Venezuelan President Nicolás Maduro, just before he was captured by police, has triggered suspicion of insider operation by these wallets. The on-chain data also points out that the creation of these wallets occurred a few days back, and they received funding subsequently. This overall development highlights a joint insider activity.

Particularly, the wallet, “0x31a5,” invested nearly $34,000, pocketing a stunning $409,900. Additionally, another wallet, identified as “0xa72D,” invested almost $5,800. Following that, the wallet claimed a profit of nearly $75000. In the meantime, another wallet, “SB3t365,” placed a $25,000 bet, netting a noteworthy $145,600.

Additionally, each of the respective wallets presented a singular focus on the political outcomes of Venezuela, specifically the status of Maduro. Hence, this signifies their collaborative engagement in an insider activity.

Insider Activity Highlights Need for Strong Prediction Safeguards

The timing of this activity plays a crucial role, raising insider suspicion. The wallets reportedly remained inactive for a considerable time. Nonetheless, a few hours ahead of Maduro’s arrest, they suddently begun placing high-stakes bets. The respective pattern indicates the arrest’s foreknowledge, undermining Polymarket’s credibility as an open betting network.

According to Lookonchain, this development distorts the wider prediction market’s integrity and raises ethical questions regarding profiting from such sensitive political incidents. Thus, the generation of a stunning $630K in profits also signifies the insider exploitation vulnerabilities. Therefore, this highlights the requirement for solid safeguards in the prediction markets to prevent manipulation.