- Predictit faced a potential lawsuit after the site crash last night.
- Predictit crashed yesterday night when it was giving details on the US presidential election.
- The site crashed early in the morning today.
Predictit in trouble after site crash
Predictit faced a potential lawsuit after the site crash last night. The site crashed yesterday night when it was giving details on the US presidential election.
The site crashed early in the morning today. The crash was dire because when it happened, the chances of a particular candidate winning transformed.
Initially, Biden was losing, and Trump was in the lead.
Now, Biden is climbing over Trump. The site, a significant market for predicting, plummeted due to the excessive amount of people using its platform.
When the crash occurred, the team had to post a tweet saying they were working hard to try and fix the site as efficiently as possible. The crash cost was high as hundreds of its customers responded to the tweet in outrage, calling for their money back and threatening to take action against the company.
The behind the scenes action
Predictit set out that Biden was valued at $0.65 compared to Trump, who was worth $0.41, but quickly the share prices increased to $0.61 for Trump and $0.55 for Biden. Shares could be traded for $1 if successful.
By 10:00 am UTC, Biden was back in the lead. Other markets indicated that the candidate’s odds were fluctuating.
The crash happened at a pivotal time when uncertainty peaked, which would have been the perfect moment for the Predictit traders to act. After 6 hours, PredictIt got back running, and by that point, Biden’s odds were high at $0.76 while Trump’s were low at $0.31.
Shares from political events are ongoing until the election is over.