Khaberni - An unidentified trader made a huge profit of approximately 410,000 US dollars after placing a bet on a famous prediction platform on the removal of Venezuelan President Nicolas Maduro from office, just a few hours before the US military operation that led to his arrest last weekend.
The trader's account on the platform had built financial positions in contracts related to Maduro’s displacement, with relatively low odds before the operation.
According to «Reuters», the value of these bets was about 34,000 dollars before the announcement of Maduro’s arrest, but it dramatically increased after the news of the US military operation spread.
Mysterious Bet
This mysterious bet raised concerns about the possible use of non-public insider information, especially since the account was only created last month, and the trader began buying contracts worth $96 on December 27th, related to a potential US invasion of Venezuela by January 31st, followed by similar bets in the following days.
Rise in Main Stock Indices
In related news, the main stock indices and oil prices rose last Monday, with significant gains for energy stocks, after the arrest of Maduro and his wife Celia Flores in a US military operation over the weekend.
Venezuelan government bonds and those of the state oil company also jumped by up to 30%, driven by expectations of a complex debt restructuring.
Betting Ban for Officials
Democratic Representative Ritchie Torres announced his intention to introduce a bill this week that prohibits elected officials and federal employees from betting on prediction platforms, where they might access non-public insider information, as part of broader efforts to tighten insider trading rules.
