Blockchain analysis firm Bubblemaps has collaborated with CBS's '60 Minutes' to release an exclusive investigation into insider trading on Polymarket. According to Foresight News, the investigation uncovered nine interconnected accounts allegedly using insider information to bet on U.S.-Iran military actions, amassing profits exceeding $2.4 million with a 98% success rate. The wallet addresses have been disclosed in the original post.
Bubblemaps began its investigation with the February 28 market related to the first U.S.-Israeli attack on Iran, identifying four accounts registered days before the event, which placed large bets at low odds, each earning approximately $400,000. Further analysis linked these accounts to five others, totaling nine accounts focused almost exclusively on U.S. military-related markets. Funds flowed through centralized exchanges into a shared wallet network within fixed time windows. These accounts showed preemptive betting activity before the February 28 attack on Iran, the assassination of Khomeini, and the announcement of the U.S.-Iran ceasefire agreement. Additionally, on February 20, they placed small losing bets, possibly to avoid detection. Bubblemaps stated that it could not link these accounts to specific entities but emphasized that luck could not explain the high success rate.
The scale of this case surpasses the previously exposed case of U.S. Army Sergeant Gannon Ken Van Dyke, who was federally indicted for profiting around $400,000 from insider information on Venezuelan military actions. Former CFTC official Rob Schwartz has characterized such activities as a 'new form of insider trading.' Currently, the CFTC has only one commissioner in office, limiting its enforcement capabilities.
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