Welcome home, fellow Gator.

The Gator Nation's oldest and most active insider community
Join today!
  1. Hi there... Can you please quickly check to make sure your email address is up to date here? Just in case we need to reach out to you or you lose your password. Muchero thanks!

Polymarket CEO home raided by FBI this morning

Discussion in 'Too Hot for Swamp Gas' started by okeechobee, Nov 14, 2024.

Page 2 of 2
  1. Nov 16, 2024 #21
    GatorRade

    GatorRade Rad Scientist

    8,744
    1,644
    1,478
    Apr 3, 2007
    Again, I’m still not sure it much matters how well polymarket’s odds performed in the election. The evidence for the wash trading was obtained before the election occurred.

    I don’t really get the retribution angle. Retribution for what? Predicting that Trump would win the election? This is probably something Hannity does every election, and no one has ever raided his house. Hopefully we get some more clarity in the coming days.
     
  2. Nov 16, 2024 #22
    okeechobee

    okeechobee GC Hall of Fame

    10,832
    1,419
    678
    Sep 11, 2022
    Why wait until right after the election to conduct the raid? Polymarket has quite a few bets going that have nothing to do with the election and I'm sure those are prone to the same wash trading you're referring to. But they get raided literally right after the election? A site that was famous for the ridicule it received from the left for months for being rigged pro-Trump. And you don't see a potential retribution angle from the outgoing DOJ?
     
  3. Nov 17, 2024 #23
    GatorRade

    GatorRade Rad Scientist

    8,744
    1,644
    1,478
    Apr 3, 2007
    Im not going to pretend to know how such investigations work, but it doesn’t sound crazy to me for an investigation into a betting market to collect evidence up until the market close before moving in. I’m also not convinced that wash trading would be rampant in Polymarket’s other bets. I mean, most of us never heard of Polymarket before this election. This 2024 election market absolutely put them on the map. I doubt most Americans are checking in to see minute by minute updates regarding whether November’s temperature will be 1.25C-1.29C above pre-industrial levels. If polymarket wanted to change its fortune through activity in one of its bets, there was really one option.

    But again, we have so few details, any current judgment would be premature.
     
  4. Nov 17, 2024 #24
    okeechobee

    okeechobee GC Hall of Fame

    10,832
    1,419
    678
    Sep 11, 2022
    Bear in mind, the American people told you almost 2 weeks ago that they see a weaponization of our justice system. It's a problem and so there's going to be more things that roll out like this that have the appearance of political retribution. Whether that is accurate or not is not really my problem. The DOJ have created this aura of distrust with the people and therefore, their actions will be viewed skeptically. But of course, like most other things of this ilk, we need to see the full details before we can draw any hard and fast conclusions. It is really easy for the DOJ to make up allegations of wash trading. I am not saying that is the case either, but it is definitely something we need to wait on to review all the details and facts.
     
Page 2 of 2