A new report from Bloomberg notes that a “handful of accounts” have “spent millions of dollars worth of crypto on bets in favor of Trump’s return to the White House.” Indeed, the Wall Street Journal recently ran a story on four highly active Polymarket accounts that have been exuberantly betting on the U.

BI compiled data on the trading activity of the Polymarket "whale" accounts and found two of them placed more than 2,500 bets in the past 24 hours.

Polymarket faces scrutiny after large Trump election bets spark concerns over market manipulation. We explore big wagers affecting U.S. election predictions.

Cryptocurrency-based predictions market Polymarket is conducting fresh checks to verify that big spenders on its platform are based outside of the US, since people in that country aren’t allowed to trade on the website that has seen a surge in bets favoring Donald Trump to win the presidential election.

Polymarket shares are priced on the probability of the outcome. If Trump's chances of winning the election are trading at 60 cents, for example, it means that the market thinks there is a 60% chance of a Trump win, according to the website. If Trump wins, the buyer gets $1 per share. If Trump loses, the shares become worthless.

Newly legalized betting on elections spawns a potential $43 million payout for a GOP victory, raises the online odds of a Trump win, as well as concerns about possible foreign interference.