Polymarket Trader Loses Nearly $1M Betting Against Mamdani

A trader known as 'fuxfux007' suffered a significant loss of nearly $969,169 after betting against Zohran Mamdani in the recent New York City mayoral election. Mamdani, who emerged victorious against Andrew Cuomo, garnered record voter turnout, coinciding with $424 million in Polymarket betting volume. The total division of bets showed that while 'fuxfux007' lost almost $1 million on his wager, another trader by the username 'debased' secured a profit of $188,487 betting on Mamdani. Despite the platform's successful prediction of the election's outcome aligning with polling data, the betting activity stirred controversy, with allegations of market manipulation reminiscent of accusations made during previous political events. Experts noted that market rigging attempts typically do not last long, as professional firms often correct such pricing anomalies swiftly. Ultimately, positions taken on Mamdani prior to the election were likened to bonds with guaranteed returns, highlighting the varied strategies employed by traders in the prediction markets.

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