PMXT research found whale, high-frequency, and power-trader tiers were 12.6% of Polymarket addresses but 81.4% of notional, which is the part media partnerships make dangerous. Treating those odds as news turns a hybrid off-chain CLOB into a public oracle, and the June 2026 Ghost Fills paper counted 1,952,440 reverted match-order txs, 980,133 selectively reverted fills, and $1.49M in extracted profit.

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