Polymarket probing suspicious bets on Israeli election: Report

Polymarket is looking into suspicious bets placed on this week’s Israeli election, The Wall Street Journal reported Friday, citing a person familiar with the investigation.

The trades, which generated significant profits and appeared to be unusually well-timed, come as prediction-market platforms such as Polymarket face growing scrutiny over possible insider trading.

The bets were placed shortly before voting ended and involved predictions that Israeli Prime Minister Benjamin Netanyahu would outperform his opponent, said the report.

Concerns about insider trading on Polymarket have reportedly continued to mount. Authorities in the US and Israel have charged military personnel with allegedly using confidential information to profit from bets placed on the platform.

Federal investigators are also reportedly preparing to charge a KPMG employee accused of using insider information to trade on the earnings of companies audited by the firm, according to the report.

Beyond insider trading allegations, Polymarket has also reportedly faced other fraud-related concerns, including cases in which users reportedly linked stolen debit cards to their accounts to fund betting activity.