Polymarket Election Trades Took Place After Races Ended Contracts
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- Polymarket’s offshore platform saw two global election markets generate more than $600 million in trading volume.
- Abiy Ahmed’s Prosperity Party secured 438 seats in Ethiopia’s federal parliament while the nearest rival won 13.
- Around $173,000 was bet on Ahmed winning and over $41 million was traded on Shimelis Abdisa becoming the leader.
- Total trading volume in the Ethiopian market exceeded $285 million, almost entirely on losing candidates.
- Chris Park stated about $284 million came from accounts repeatedly buying and selling with each other.
- Rajiv Sethi called it volume manipulation and a zombie market, noting 99.6 percent of volume in certain weeks was wash trading for Romania.
- Shana Bautista said Polymarket flagged the activity, investigated, and blocked the accounts.
- Trading activity continued for 123 days after the Ethiopian election.
