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Len "rabbi" Sassaman

<p class="is-style-lead">A French-based gambler earned almost $79 million from betting on Donald Trump’s presidential win across nine Polymarket accounts, Chainalysis claims. Meanwhile, the French government threatens to ban the decentralized betting site.</p>
<p>Blockchain analytics firm <a href="https://crypto.news/tag/chainalysis/" target="_blank" rel="noopener noreferrer nofollow">Chainalysis</a> which tracks on-chain activity has identified that a single French trader controlling nine accounts on <a href="https://crypto.news/tag/polymarket/" target="_blank" rel="noopener noreferrer nofollow">Polymarket</a> made an estimated $78.7 million profit by betting on a <a href="https://crypto.news/tag/donald-trump/" target="_blank" rel="noopener noreferrer nofollow">Trump</a> presidential win.</p>
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   <p lang="en" dir="ltr">1/ It’s been widely reported that one whale, allegedly a French man named Theo, controlled 4 <a href="https://twitter.com/Polymarket?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Polymarket</a> accounts and had significant positions betting on a Trump win. We estimate he profited ~$78.7M. <a rel="noopener noreferrer nofollow" href="https://t.co/laW9Y4zNXj" target="_blank">pic.twitter.com/laW9Y4zNXj</a></p>— Chainalysis (@chainalysis) <a href="https://twitter.com/chainalysis/status/1854294960532529425?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 6, 2024</a>
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<p>Initially, crypto.news <a href="https://crypto.news/polymarket-french-whale-theo4-nets-21m-off-trump-win/" target="_blank" rel="noopener noreferrer nofollow">reported</a> that the trader, known as Theo4 and Fredi9999, profited almost $22 million from betting on Trump victory by using four different accounts.</p>
<p>As one of Polymarket’s largest participants, Theo4’s trades attracted scrutiny, with some analysts raising concerns about potential market manipulation. However, Polymarket <a href="https://crypto.news/polymarket-identifies-one-trader-driving-trump-bet-activity-on-platform/" target="_blank" rel="noopener noreferrer nofollow">denied</a> any manipulation, claiming that the trader’s bets reflected personal views rather than an attempt to manipulate markets.</p>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/polymarket-runs-election-betting-ads-via-influencers-despite-us-trading-ban-report/"> Polymarket runs election betting ads via influencers despite US trading ban: report </a></p>
<p>In late October, Polymarket chief executive Shayne Coplan <a href="https://crypto.news/polymarket-ceo-rebuffs-partisan-claims-from-new-york-times/" target="_blank" rel="noopener noreferrer nofollow">shot down</a> New York Times allegations claiming the prediction platform is politically biased. Coplan described the Polygon-based betting service as a neutral alternative data source currently benefiting from election-related hype. His comments were in&nbsp;<a href="https://x.com/shayne_coplan/status/1849848446372675634" target="_blank" rel="noopener noreferrer nofollow">response</a>&nbsp;to a recent article from The New York Times that accused Polymarket of partisan manipulation and labeled it as nothing more than a “crypto-powered gambling” site.</p>
<h2 class="wp-block-heading" id="one-trader-to-rule-them-all">“One trader to rule them all”</h2>
<p>However, things took a new turn when in <a href="https://x.com/chainalysis/status/1854294960532529425" target="_blank" rel="noopener noreferrer nofollow">an X thread</a> on Nov. 6, Chainalysis disclosed five additional accounts connected to the same trader. The New York-headquartered blockchain analytics firm explained that the accounts are tied by their “funding patterns, timing of transactions, and cash out to specific exchange deposit addresses.”</p>
<p>Per Chainalysis’ calculations, the trader made roughly $79 million across all accounts. Earlier, Theo4 has previously dismissed political motivations. He particularly <a href="https://www.wsj.com/finance/trump-odds-polymarket-election-betting-whale-3d94bed3" target="_blank" rel="noopener noreferrer nofollow">emphasized</a> that his bets were purely financially driven as his intent was “just making money.”</p>
<p>Meanwhile, France’s gambling authority is reportedly set to ban Polymarket. According to local media <a href="https://en.thebigwhale.io/article-en/exclusive-france-to-ban-polymarket" target="_blank" rel="noopener noreferrer nofollow">reports</a>, the National Gaming Authority is reviewing the platform’s operations and its compliance with French gambling laws. However, the regulator has yet to issue an official statement on the matter.</p>
<p>Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/who-is-len-sassaman-the-man-leading-polymarkets-bitcoin-founder-market/"> Who is Len Sassaman? The man leading Polymarket’s Bitcoin founder market </a></p>

French bettor wins $79m on pro-Trump Polymarket bets, government threatens to ban site

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