The Wall Street Journal has raised concerns over the recent surge in bets on former President Donald Trump's victory on the cryptocurrency prediction platform Polymarket. Some believe this spike may be the result of manipulation.

Rise in Trump's Betting

Over the past two weeks, Donald Trump's chances of winning the November election have increased sharply. As of Thursday, Polymarket users were predicting Trump's chances at 62%, compared to Vice President Kamala Harris' 38%. This marks a significant shift from early October when the two candidates were closely matched.

Possible Manipulation on the Platform

The WSJ suggests that the spike could be the result of manipulation by four Polymarket accounts that collectively placed around $30 million worth of cryptocurrency bets on Trump. Miguel Morel, CEO of blockchain analytics firm Arkham Intelligence, said that after analyzing the data, he believes the four accounts are likely controlled by the same entity.

Investigation and Expert Commentary

Polymarket is reportedly investigating activities in the presidential election marketplace and has hired outside experts to assist with the investigation. Adam Cochran, managing partner at Cinneamhain Ventures, stated that the $30 million was enough to manipulate the odds on Polymarket and was not a significant expense for a wealthy individual or group looking to influence an election. Cochran called the move one of the most effective political ads money can buy.

Polymarket continues to monitor the situation, with current odds putting Trump's win probability at 60%.