Polymarket CEO Responds to Manipulation Criticism Ahead of US Election

In a recent statement, Polymarket CEO Shayne Coplan addressed accusations of market manipulation on the platform’s prediction markets for the US Election. Coplan emphasized Polymarket’s non-partisan and transparent operating principles amid rising concerns about large bets impacting odds.

Polymarket CEO Stands Firm Against Manipulation Allegations

In a detailed post on X, Polymarket CEO Shayne Coplan reiterated the platform’s non-partisan stance. This response followed a New York Times article that described the prediction platform as a “crypto-powered gambling website.” The article noted high odds favoring Donald Trump in the US presidential prediction market. At the time of manipulation claims, Donald Trump odds against Kamala Harris hit 60% for the first time.  

CEO Shayne Coplan, 

“We get told we’re Dem operatives and MAGA, depending on the day.  Polymarket is not about politics. The vision never was to be a political website, and it still isn’t. From launch day, the goal has been to, harness the power of free markets to demystify the real-world events that matter most to you.”

Coplan stressed that Polymarket functions as a unique alternative data source rather than as a political influence.

Market manipulation concerns increased after the betting platform disclosed that a French national placed a $45 million cumulative bet on Trump. The wager was spread across four accounts, leading to speculation about market manipulation. However, Shayne Coplan clarified that this investor’s actions were not linked to any manipulation effort.

Coplan emphasized that Polymarket operates on a decentralized, peer-to-peer model. This design, he explained, ensures no single entity can control market prices. All transactions are open to public view, making the platform highly transparent.

CEO Shayne Coplan emphasized, 

“the market sets the price, not the operator. There is no “house” setting the odds. It’s the invisible hand, not the thumb on the scale.”

Election Betting Volume Surges as Election Approaches

Interest in the US Election prediction market has driven Polymarket’s betting volume to new heights. The platform reported $2.4 billion in total volume for its 2024 election market, while October alone saw a cumulative monthly volume of $3.69 billion. This growth reflects intensified interest as participants seek to express their views on the upcoming election.

The betting surge has brought substantial attention to the betting platform. Coplan clarified that participant sentiment alone determines the odds. This surge in activity has solidified Polymarket’s role as a data-driven tool, distinct from traditional gambling.

Moreover, odds on the platform currently show a tight race between Trump and Harris. Trump holds a 64.1% chance of winning, compared to Harris’s 36.1%. Coplan noted that these odds reflect positions taken by market participants, with no influence from the firm. 

This clarification comes as Ripple CTO David Schwartz recently warned the public against reacting to unverified anti-Trump rumors circulating online. Schwartz emphasized the need for patience and fact-checking ahead of the upcoming US election.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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