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Blockchain analytics platform Bubblemaps has dismissed growing speculation linking the Polymarket account involved in the market of Nicolas Maduro to one of the founders of World Liberty Financial (WLFI).
The debate intensified after GWEI analyst Eun-Chin Andrew 10 refuted Bubblemaps’ assessment, stressing that his comments were meant to be cautious and analytical rather than accusatory.
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Polymarket’s lucrative profits raise questions about insider trading
The case stems from events that happened last weekend. On January 3, US President Donald Trump announced the arrest of the President of Venezuela.
Blockchain analytics firm Lookonchain reports that it observed activity on Polymarket involving three wallets placing bets on Maduro leaving office before his arrest. These wallets were created and funded several days in advance, and the bets were executed a few hours before the announcement.
Lookonchain reported that all three wallets placed bets only on events related to Venezuela and Maduro, with no history of other bets – a clear example of insider trading.
One portfolio, identified as 0x31a5, showed a significant return as it turned an initial position of about $32,000 into $400,000. Researcher Andrew 10 GWEI pointed out unusual funding patterns in this account.
The two wallets funding the PolyMarket account received deposits from Coinbase and transferred the funds directly to the platform without any other activity.
Andrew 10 GWEI explained that he noticed that the second wallet (2i7HJJ) was funded by Coinbase with 252.39 SOL on January 1 at 11:53 pm UTC. He decided to check all deposits at Coinbase in one day before withdrawing the internal wallet, and found a match with 99% accuracy. The wallet BCcTrxcowNeUqhr4yPtAMy5PhhQ5eD8hsjHYmMS8FaV8 (STVLU.SOL) made a deposit to Coinbase via a deposit address of 252.91 SOL on January 1 at 00:48 AM UTC time, about 23 hours before the withdrawal of the internal wallet.
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The analyst also noted that one of the portfolios had domain names that resembled “Steven Charles.” This has drawn comparisons with Steven Witkoff, co-founder of World Liberty Financial.
The author of the post explained that he noticed that this wallet had several ENS domains registered: STVLU.SOL and StCharles.SOL, and that the first funder – ES6SiK66UZcsPevTgfVtKtay4o1vWUepeVvb5kfWnJXF had ENS Solhundred.sol. Moving on to the latter, $11 million of transactions appear with someone who holds ENS Stevencharles.sol (22Tqm7fBbrGb5XmT9UkcZhSPjT1Q1DMBatacpmsJGkUz) Steven Charles – or Steven Charles Witkoff (?), one of the co-founders of World Liberty Finance, which means access to information (WL FI).
Andrew eventually pointed out what happened after the Polymarket bet was settled, where the profits were withdrawn to Coinbase. A few hours later, about $170,000 worth of Vartcoin was withdrawn from Coinbase to the “STVLU.sol (stcharles.sol)” wallet.
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The communication logic in the Bubblemaps interceptor
The blockchain analytics platform has challenged Babel Maps AnalysisConfirm that the logic is not convincing.
The platform said that this had to stop, and Polymarket’s internal analysis was out of control. Some places link the PoleMarket insider in relation to Meduro with one of the WLFI founders, and it seems that there is a bomb, but the logic is weak.
Babble Maps confirmed that the one-day gap between transfers is negligible. Furthermore, I argued that focusing only on SOL flows ignores potential deposits in other assets such as USDC or ETH.
They also noted that the funds could originate from bank transfers or from several small deposits, making the bonds speculative. According to the post,
Babble Maps said the claim that “an address matches with 99% accuracy” is just attention grabbing; in fact, thousands of portfolios can fall into this model.
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Andrew 10 GWEI responded in a detailed post, with the analyst explaining that his analysis offers a cautious guess rather than a direct accusation.
The analyst commented that he used the phrase “may be a person associated with Steven Charles Witkoff”, making it clear that this is more of a speculation and an assumption rather than a direct accusation, a careful enough wording that leaves room for doubt and highlights the hypothetical nature of the statement, but I ignored it.
Revealing that the “99% match” referred to in his post applies strictly to the similarity of transaction amounts, Andrew also defended his focus on SOL versus stablecoins, explaining that it would have been ineffective to pass USDC, SOL, and then back to USDC in PolyMarket.
He noted that while the 23-hour delay between deposit and withdrawal could be a mere coincidence, he drew attention to additional factors, including SNS names similar to “Steven Charles” and the subsequent transfers of PolyMarket profits, as events that raise the possibility of a connection.
Andrew stressed that his observations do not constitute proof, and that only Coinbase can confirm or deny any link through know-your-customer (KYC) data.
