Polymarket World Cup bets raise questions after $24m wallet profits

On-chain tracker Lookonchain said three wallets made $24.25 million in profits from World Cup betting on Polymarket, raising fresh questions about large traders in crypto prediction markets.

The tracker described the activity as tied to a “suspected insider,” but the claim remains based on wallet links and public trading data. Polymarket and Binance had not publicly confirmed the finding at the time of review.

Lookonchain points to three winning Polymarket wallets

According to Lookonchain, the wallets named mintblade, GRIMDRIP and endlessFate together made more than $24 million from World Cup markets. Mintblade reportedly made $9.24 million after winning five out of five bets.

GRIMDRIP allegedly made $7.6 million after winning two out of two bets, while endlessFate made $7.41 million after winning six out of nine bets. Lookonchain said all three wallets later sent funds to Binance through the same deposit address, 0xB08B…317D.

The tracker said the common deposit path suggested the same person may control the wallets. It also said the wallets stopped trading and withdrew all remaining funds after the profits.

Large World Cup wagers drew attention

Lookonchain had already flagged several large World Cup wagers before the latest post. On June 17, it said one trader made $9.24 million in one day after winning four bets, including a large position on Iran not beating New Zealand.

The account also tracked endlessFate placing $7.46 million on Colombia to beat Uzbekistan. If the position won, the bettor stood to make $2.71 million, while a loss would erase the full stake.

Other posts showed more large positions across World Cup markets. A wallet called weatherman12 put $1.81 million on Argentina not winning and Algeria covering a spread. Another wallet, LEEEROYJENKINS, reportedly made $5.2 million from Türkiye not winning against Australia and from an Australia spread bet.

Prediction markets face scrutiny

The case comes as prediction markets draw more attention from regulators, sports fans and crypto traders. As previously reported by crypto.news, Congress has moved to ban lawmakers from trading on prediction markets such as Polymarket and Kalshi, citing insider-trading risks.

crypto.news also reported in February that unusual Polymarket betting tied to a ZachXBT insider-trading probe raised questions about whether some traders had access to better information. That report noted that policing non-public information remains difficult when outside users trade through pseudonymous wallets.

Polymarket relies on public markets where users trade outcome contracts tied to real-world events. Supporters say these markets can reflect fast-moving public expectations, while critics argue they can reward private information when outcomes depend on facts known to only a few people.

World Cup betting expands across crypto

The World Cup has become a major test for sports prediction markets in 2026. crypto.news earlier reported that Myriad launched a $100,000 World Cup contest with more than 75 match markets, while Polymarket and Kalshi were already listing live World Cup markets.

LBank also promoted a World Cup prediction event tied to Spain and Saudi Arabia, showing that exchanges and trading platforms are using football to attract users. These campaigns bring more attention to sports markets, but they also put trade monitoring and fair access under closer review.

For now, Lookonchain’s findings do not prove misconduct. They do show how wallet tracking can reveal trading patterns, shared cash-out routes and unusually strong win rates in public crypto markets.