Here’s what happened in crypto today

 Here’s what happened in crypto today

Today in crypto, the behavior of top Polymarket bettors has raised concerns about potential manipulation of the decentralized prediction market’s accuracy ahead of the United States presidential election on Nov. 5, the US has a 26 million strong “crypto voting bloc” going in the election, according to a survey, and the FBI claimed it arrested the man who hacked the SEC’s X account in January.

Polymarket whale raises Trump odds, sparking manipulation concerns

Former President Donald Trump’s rising odds in the 2024 United States presidential election have allegedly been significantly influenced by Polymarket user “Fredi9999,” a major bettor who holds more than $20 million worth of pro-Trump bets.

The revelation comes days after Cointelegraph reported that Trump’s Polymarket odds of winning the presidential elections rose to a record high of 60.2% on Oct. 16.

Trump’s growing lead has raised questions, as it appears to be unrelated to real-world events that could explain such a shift in public perception, according to Alex Momot, founder and CEO of Peanut Trade.

Momot told Cointelegraph:

“What’s paradoxical is that the situation on Polymarket is now influencing the real world, where many people believe what they see on the platform. The upcoming US presidential election will serve as a key example for assessing the reliability of prediction markets.”

As the election nears, the importance of evaluating potential manipulation in prediction markets is increasing, especially with less than three weeks remaining before Election Day.

“Crypto voting bloc” 26 million strong ahead of US elections: Survey

Around 26 million United States voters are part of a “crypto voting bloc” — with a pro crypto policy their top requirement when deciding who to vote for in the election, per a survey released on Oct. 17 by crypto advocacy group The Digital Chamber.

One in seven — or 16% — of 1,004 respondents said crypto was “extremely” or “very” important when deciding who to vote for and were “much” or “somewhat” more likely to vote for a candidate if they were pro-crypto.

Respondents comprised of both Democrats and Republicans and at least 25% of Democrats and 21% of Republicans said a candidate’s stance on crypto would positively impact their likelihood of voting for them.

The majority of both Republican and Democrat respondents said supporting the crypto industry should be at least a medium-level priority for the new president and Congress. 

However, a Pew Research survey of 9,720 respondents published last month found 81% cited economic policy as the top issue in the election, and crypto wasn’t flagged as an issue at all.

Health care and Supreme Court appointments were the second and third biggest issues for voters, respectively. 

FBI arrests alleged SEC X account hacker

The US Federal Bureau of Investigation (FBI) has arrested a hacker it alleged was associated with the Securities and Exchange Commission’s compromised social media account.

According to an Oct. 17 statement, Eric Council Jr. was charged with conspiracy to commit aggravated identity theft and access device fraud for his role in hacking the SEC’s X account in January 2024, where a fake Bitcoin (BTC) exchange-traded fund (ETF) approval message was shared. 

The fake announcement caused turmoil in the crypto market, even causing a brief spike in Bitcoin’s price. 

SEC Chair Gary Gensler denied the approval news roughly 15 minutes later, claiming that the regulator had “not approved the listing and trading of spot Bitcoin exchange-traded products.”

According to the FBI, the hacker gained control of the SEC’s account through a SIM swap attack.

“These SIM swapping schemes, where fraudsters trick service providers into giving them control of unsuspecting victims’ phones, can result in devastating financial losses to victims and leaks of sensitive personal and private information,” said US Attorney Matthew Graves. 

Just a day after the incident, the SEC approved 11 spot Bitcoin ETFs, which today hold a combined $63.5 billion in assets.