Polymarket users jockey over $50m ‘Trump coin’ bet

Polymarket bettors, “Will Trump issue coins before the elections?” It challenged the solution of the titled market. He described the result as a colossal blunder.

Whether former US President Donald Trump will launch a cryptocurrency before November 4 has sparked debate on Polymarket’s prediction platform. The contract, with a transaction volume of over 50 million dollars, is expected to reach a “Yes” decision.

“Will Trump issue money before the elections?” prediction contract | Source: Polimarket

The largest group in this market was made up of “Yes” share holders. A single user in this category owned more than 8.3 million shares; This shows that that person spent thousands of dollars on this bet. However, many Polymarket participants pushed back against the platform’s pending decision. These users argued that Donald Trump only supported the World Liberty Financial project but did not directly launch the WLFI coin.

Defizard, a pseudonymous crypto influencer and bettor, referred to WLFI’s disclaimer on its website, which clearly states that neither Trump nor any of his family members are employees of World Liberty Financial.

Polymarket’s comments section for this bet was full of complaints accusing the platform of defrauding “No” shareholders.

IV. “Any director, officer or employee of Donald J. Trump, any of his family members or the Trump Organization, DT Marks DEFI LLC or their respective affiliates, any officer, officer or officer of World Liberty Financial or any of their affiliates, It is not its founder or employee and its affiliates.” pic.twitter.com/scahE1PggY

— defizard (@belizardd) 17 October 2024

Polymarket’s logic

Polymarket provided additional context by explaining that Trump’s public connection to WLFI justified the “Yes” decision. Despite two disputes initiated by users, the platform was preparing to reward bettors who said “Yes” on the evening of October 17th.

Donald Trump has clearly taken an interest in World Liberty Financial and directly supported the WLFI token sale, which took place on October 15. So this market needs to decide “Yes”.

Polimarket

There was a similar issue with bets on Trump’s strategic Bitcoin (BTC) reserve speech in July. In this case, users disagreed that the US promise to stop selling its BTC stock was different from officially creating a Bitcoin reserve.