"Prediction markets cannot be a vehicle for profiting off advance knowledge of military action. Democratic California Congressman Mike Levin called attention to the trades on Saturday, posting that the user had placed the first trade only 71 minutes before the news of the strikes on Iran became public."
"It's insane this is legal. People around Trump are profiting off war and death. Democratic Connecticut Senator Chris Murphy reacted to accounts which struck it big betting the U.S. would strike Iran, with six newly created or newly funded accounts on the crypto-based platform earning about $1 million in total."
Prediction markets enabled traders to profit substantially from military conflicts, with one trader earning over $195,000 betting on U.S. strikes against Iran and $123,000 wagering on Iran's supreme leader's ouster. Multiple accounts generated approximately $1 million in profits through well-timed bets placed shortly before military action became public. Democratic lawmakers expressed outrage, with California Congressman Mike Levin noting that a trader placed bets only 71 minutes before strike announcements. Connecticut Senator Chris Murphy called the practice insane and promised legislation to ban profiting from advance military knowledge. The timing of trades and newly created accounts drew scrutiny for potential insider trading violations.
Read at Fast Company
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