TechFlow reports that after U.S. President Joe Biden announced his withdrawal from the Democratic presidential nomination, a trader named AnonBidenBull lost approximately $2 million betting on Biden's victory, with the value of their position plummeting 99%.
Meanwhile, another trader who bet on Kamala Harris becoming the Democratic nominee saw their holdings surge over 6,000%, increasing from about $12,500 to nearly $769,000. Polymarket currently shows Harris has a 79% probability of securing the nomination.
The platform recently hired election statistician and FiveThirtyEight founder Nate Silver as an advisor.
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