Polymarket, a popular prediction market, has reportedly paid US-based social media influencers to promote election-related content ahead of the upcoming 2024 US presidential election.

According to a Bloomberg report, Armand Saramout, senior director of growth at Polymarket, inked a sponsorship deal with U.S. influencers in September, and in recent weeks, major social media sites have been sharing prediction market-sponsored content under the hashtags “#PMPartner” and “#PMPartner” created. #PolymarketPartner.”

In particular, due to regulatory restrictions imposed by the Commodity Futures Trading Commission (CFTC), the prediction market is prohibited from allowing United States-based traders to trade on its platform. The regulator fined Polymarket for providing unauthorized services, after which the platform agreed to cease operations in the US.

Bloomberg's report said Polymarket conducted new checks last month to check whether the whales on its site were based outside the U.S., at a time when many had been betting on Republican candidate Donald Trump's election victory .

As reported, a giant cryptocurrency whale known as “zxgngl” has withdrawn $2.36 million in USDC stablecoins from leading cryptocurrency exchange Binance, apparently to double down on their polymarket bet that former US President Donald Trump will win the upcoming election becomes.

According to popular on-chain analytics service Lookonchain, the whale has withdrawn a total of 14.2 million USDC from the leading cryptocurrency trading platform since October 11, with most of these funds apparently going towards his Trump bet.

At the time of writing, Polymarket data shows that zxgngl has a $13.28 million position on Donald Trump's victory in the 2024 US presidential election and has an unrealized loss of 22.91 million shares Has to accept 855,000 US dollars.

The cryptocurrency whale has aggressively increased its position over time and is now the largest stockholder betting on Trump winning the presidential race after acquiring another cryptocurrency whale, Fredi9999, who currently holds 21.18 million shares .

The prediction market's parent company, Blackratize, also reportedly spent nearly $270,000 on Facebook and Instagram ads targeting people in the US, telling viewers: “Don't trust the polls – trust the markets.” .”

Featured image via Unsplash.