Polymarket probes suspicious trades around Israel election, Bloomberg News reports

Polymarket is investigating suspicious bets placed by hundreds of new accounts on Netanyahu's election performance, with some traders cashing out more than $100,000, according to a Bloomberg News report. Data analysis firms have flagged the activity as suspicious, though findings are not conclusive.

Prediction market operator Polymarket is investigating a string of suspicious bets placed on Israel's election this week, according to a Bloomberg News report on Thursday. Hundreds of newly created accounts placed bets on Prime Minister Benjamin Netanyahu retaining his position and his Likud party winning the most seats shortly before polls closed on Tuesday. Those trades quickly became profitable, with some accounts cashing out over $100,000 after exit polls showed Likud outperforming early reports. Many wallets still hold significant unrealized gains. Data analysis firms Polysights and Bubblemaps have also flagged the activity as suspicious. The findings are not conclusive, and it can be difficult to distinguish potential insider trading from original research or lucky bets. Polymarket has faced growing scrutiny over potential insider trading, with a surge in suspicious activity amid rising trading volumes.