Polymarket Trader Loses $969K Betting Against NYC Mayoral Candidate
A Polymarket trader known as 'fuxfux007' suffered a staggering $969,169 loss after betting against Zohran Mamdani's victory in the New York City mayoral election. The contract, one of the largest individual losses on the prediction platform, underscores the high-stakes nature of election betting markets.
Total trading volume for the NYC mayoral race reached $424 million on Polymarket, with trader 'debased' netting $188,487 from a successful wager on Mamdani. The market's volatility persisted despite Mamdani maintaining consistent poll leads throughout the campaign.
Hedge fund manager Bill Ackman has raised concerns about potential manipulation in Polymarket's election contracts, highlighting the need for scrutiny in crypto-based prediction markets. The platform's odds fluctuated dramatically despite clear polling trends, creating both windfall gains and catastrophic losses for participants.
