Connect with us

Business

Top Polymarket whale profits $20M from Trump victory

Published

on

A top trader, known as a “whale,” has profited significantly from a $20 million bet on the outcome of the 2024 U.S. presidential election. The trader used Polymarket, a decentralized prediction market, to wager heavily on former President Donald Trump’s victory. As betting activity intensified following Trump’s increasing popularity, the trader’s position grew in value, eventually netting them a substantial gain as the market predicted a stronger likelihood of Trump securing the Republican nomination.

Polymarket, which allows users to place bets on future events, has seen a surge in election-related activity as the race for the White House heats up. The platform operates by enabling participants to buy shares in prediction outcomes, which fluctuate in price based on supply and demand. As the market adjusted to reflect Trump’s rising chances, the whale’s massive investment paid off handsomely.

The victory was particularly noteworthy as Polymarket’s structure relies on user-driven forecasts, where the price of shares represents the probability of a given event occurring. The whale took advantage of this dynamic, placing large bets early in the cycle when Trump’s odds were still low but began gaining momentum. This strategy paid off as Trump gained more political traction and the market shifted in his favor.

The $20 million profit underscores the growing intersection of politics and decentralized finance, as more traders seek to capitalize on real-world events via blockchain-based platforms. While Polymarket and similar prediction markets offer a unique way to speculate on future outcomes, they also raise questions about market manipulation and the ethics of profiting from politically charged bets.

Business

7-Eleven South Korea to accept CBDC payments in national pilot program

Published

on

7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

Continue Reading

Business

SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

Published

on

The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

Continue Reading

Business

GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

Published

on

GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk