Online gambler bet $400,000 on Maduro being removed
A Polymarket user turned a $33,000 bet into more than $400,000 by betting that Venezuelan President Nicolas Maduro would be ousted by the end of this month.
One Polymarket user managed to turn around $32,000 into more than $400,000 by betting on the ouster of Venezuelan leader Nicolas Maduro by the end of the month.
The account, created in December, placed $32,537 worth of bets. After the United States invaded the country and seized Mr. Maduro, he pocketed a whopping $436,759. Other winning bets made by the account included that US troops would be in Venezuela by January 31st, that the US would invade Venezuela by January 31st, and that “Trump would use military force against Venezuela by January 31st.”
Although it is impossible to know who created the account, public gambling has sparked discussion about possible insider trading.
What did President Trump say about detaining President Maduro before the military strike?
The United States detained Mr. Maduro on Saturday, January 3, and took him and his wife, Cilia Flores, to New York on charges of narco-terrorism and drug trafficking.
President Donald Trump previously said the leader’s days were numbered, but there was no official declaration of when the United States would invade the country. Immediately after the operation, Secretary of State Marco Rubio thanked media outlets that had known about the attack before January 3 for not jeopardizing the mission by publishing stories about the attack.
“Frankly, a lot of media outlets had leaked information that this was going to happen and were withholding reporting for that very reason,” Rubio said on ABC’s “This Week” on Sunday, January 4. “And we thank the media for doing that. Otherwise lives could have been lost. American lives.”
The winning bet was placed on Friday night, January 2, hours before the United States launched its attack on Venezuela. According to blockchain exploration firm PolygonScan, the account has already withdrawn its winnings to cryptocurrency platform Solana.
USA TODAY reached out to Polymarket for comment on January 6, but did not receive a response.
Insider trading allegations involving the Trump administration have occurred in the past.
In October, a Bitcoin whale believed to be connected to President Trump’s family liquidated a short position in Bitcoin worth more than $200 million after the president threatened to impose 100% tariffs on China, according to Yahoo Finance and Investing.com.
In April, before announcing he was suspending tariff hikes, President Trump told his followers on his Truth Social: “Now is the perfect time to buy!!! DJT.”
A month later, ProPublica published a report detailing how numerous Trump administration officials sold their stocks ahead of the president’s “Emancipation Day” announcement.
Prediction markets are growing in popularity. Experts suggest that transaction value on these platforms could reach $1 trillion by 2030.
At Polymarket, users can bet on whether the market will go up or down, who will win Best Picture at the Oscars, and even the number of tornadoes that will hit the country this month.
Polymarket withdrew from the U.S. market after a 2022 Commodity Futures Trading Commission enforcement action identified unregistered event contracting activity and indicated that all event contracts were allegedly not submitted to or approved by the relevant regulatory agencies. The company was also ordered to pay a $1.4 million civil penalty.
However, the commission approved plans submitted by the company in November, allowing it to re-enter the U.S. market.
“People trust Polymarket because we provide clarity where there is confusion and accountability where there is ambiguity,” Polymarket founder and CEO Shayne Coplan said in November. “This approval allows us to operate in a manner that reflects the maturity and transparency required by the U.S. regulatory framework. We appreciate the constructive engagement with the CFTC and look forward to continuing our leadership as a U.S. regulated exchange.”
Michelle Del Rey is a trending news reporter for USA TODAY. Please contact mdelrey@usatoday.com.
