US Regulators Probe Polymarket Trades Linked to Biden Pardons, Iran, and Google Search Rankings
The US Commodity Futures Trading Commission (CFTC) has launched three investigations into suspected insider trading on Polymarket, a crypto prediction market. The probes cover event contracts linked to former President Joe Biden's pardons, Iran, and Google's 2025 Year in Search rankings.
The first investigation was approved by CFTC Chairman Michael Selig in early May and followed an NPR report about a trader who earned over $300,000 from pardon-related markets. This came after correctly predicting several preemptive pardons.
A second investigation, approved at the end of May, involved Iran-related contracts and followed a 60 Minutes report on accounts that reportedly earned $2.4 million with a 98% win rate.
The third investigation, approved in July, is into suspected insider trading involving Google's 2025 Year in Search ranking. An agency official said the probe would examine additional individuals, noting that the Southern District of New York was conducting a parallel investigation.