Polymarket Trader Loses Nearly $1M Betting Against Mamdani
A Polymarket trader lost almost $969,169 betting against Zohran Mamdani's victory in the NYC mayoral election.Summary
The Polymarket contract for the New York City mayoral election, which saw Zohran Mamdani defeat Andrew Cuomo, generated $424 million in betting volume. One trader, using the handle ‘fuxfux007’, suffered a significant loss of $969,169 after placing a large bet against Mamdani, while the biggest winner, ‘debased’, profited $188,487 by backing him. Polymarket accurately predicted the election outcome, aligning with polls. However, the event was marked by controversy, echoing past concerns, as billionaire Bill Ackman claimed the market was being rigged with malicious orders to inflate Mamdani’s perceived chances. Experts previously noted that such attempts at price manipulation on prediction markets are usually short-lived due to arbitrage and professional liquidity correcting the pricing.
(Source：CoinDesk)