Polymarket CEO Defends Platform Integrity Amid U.S. Election Betting Surge

Polymarket CEO Shayne Coplan has addressed allegations of manipulation within the platform’s prediction markets for the U.S. election, stating that Polymarket remains a transparent, non-partisan service.

His response follows a New York Times article that depicted the platform as a “crypto-powered gambling site” with unusually high odds for Donald Trump over Kamala Harris, sparking integrity concerns.

Coplan clarified that Polymarket’s decentralized, peer-to-peer model means no single entity can control the market, and all transactions are publicly viewable.

The controversy arose when a French national reportedly placed a $45 million cumulative bet on Trump across multiple accounts, leading to speculation.

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However, Coplan explained that this was not part of a manipulation attempt. As interest in the election grows, Polymarket’s volume has surged, with a reported $3.69 billion in October alone. Currently, the odds show a narrow lead for Trump, reflecting solely participant sentiment.

In related news, Ripple CTO David Schwartz advised the public to verify information as rumors about anti-Trump views circulate, urging caution in the lead-up to the election.

Alexander Zdravkov