New York:Polymarket is currently investigating suspicious bets placed on the recent Israeli election, as reported by The Wall Street Journal.

According to Anadolu Agency – English, these trades, which resulted in significant profits and appeared to be unusually well-timed, have raised concerns about possible insider trading on prediction-market platforms like Polymarket.

The bets in question were made shortly before the voting ended, predicting that Israeli Prime Minister Benjamin Netanyahu would outperform his opponent. This has led to growing scrutiny and concerns over insider trading allegations on Polymarket. Authorities in both the US and Israel have charged military personnel with allegedly using confidential information for profit on the platform.

Moreover, federal investigators are reportedly preparing to charge a KPMG employee with using insider information to trade on the earnings of companies audited by the firm. In addition to these insider trading allegations, Polymarket has faced fraud-related concerns, such as users reportedly linking stolen debit cards to their accounts to fund betting activities.