An unknown user of the Polymarket prediction markets platform made a profit of approximately $410,000 by successfully forecasting the removal of Venezuelan President Nicolas Maduro from power, reports Reuters.
The trader, whose account was created just last month, started small: on December 27, he bet only $96 that the U.S. would invade Venezuela by January 31. In the following days, he increased his positions.
By the time of the U.S. special operation on the weekend, the value of his contracts was around $34,000. Bets were placed at 'high odds' (the event was assessed by the market as unlikely). After news broke of Maduro's capture, the value of the contracts surged sharply.
The mysterious trader's success has raised questions among U.S. lawmakers about possible insider information use.
Democratic Congressman Richie Torres said he will introduce legislation this week banning elected officials and federal employees from placing bets on prediction platforms if they possess non-public information.
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