It turns out, however, that just one individual has poured more than $45 million into bets favoring Donald Trump on Polymarket, the crypto-based betting website. The company was forced to investigate after it was discovered that just four accounts were placing disproportionate bets in favor of Trump winning the election.

The crypto-based Polymarket says it has not uncovered evidence of manipulation in the massive bets on a Trump win.

Polymarket on Thursday confirmed what a number of experts have suspected: All four accounts are controlled by a single trader.

The mystery bettor making large trades on former President Donald Trump to win the election on a cryptocurrency site is a French national who is doing so based on personal belief, the site Polymarket said Thursday,

A trader who spent more than $45 million on Polymarket bets that Donald Trump will win the upcoming US presidential election has been identified as a French national, following an investigation by the cryptocurrency-based prediction markets platform.

Experts warn that Polymarket, a betting platform showing high odds for Trump's victory, may be manipulated by a few major bettors, casting doubt on its accuracy and implications for the 2024 election.

French trader Fredi9999 has invested heavily in Trump-related bets on Polymarket, drawing attention for his $52 million wagers and prompting additional checks by the platform.

A French trader has placed over $28 million in bets on Polymarket favoring Donald Trump's 2024 presidential victory.

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.

Bettors are making stronger guesses at who will win the 2024 election. Recent polling has trended toward Donald Trump. See what that means.