According to TechFlow, after US President Joe Biden announced his withdrawal from the Democratic presidential nomination, a trader named AnonBidenBull lost about $2 million by betting on Biden to win, and the value of his holdings plummeted by 99%.

Meanwhile, another trader betting on Kamala Harris becoming the Democratic nominee saw the value of his position surge by more than 6,000%, from about $12,500 to nearly $769,000. Polymarket currently shows Harris' probability of winning the nomination is 79%.

The platform recently hired Nate Silver, an election statistician and founder of FiveThirtyEight, as an advisor.