In a striking display of market speculation, traders have placed over $1 billion in bets accurately predicting key events in the escalating conflict between the US, Israel, and Iran. Notably, on February 27, just before US airstrikes, a surge of bets totaling $855,000 was placed on Polymarket, with 16 accounts each earning over $100,000. Following this, a user known as 'Magamyman' made a staggering $553,000 bet on the removal of Iranian leader Ayatollah Ali Khamenei moments before his assassination by Israeli forces. On April 7, traders wagered $950 million that oil prices would decline ahead of a ceasefire announcement by former President Donald Trump, which indeed occurred. These well-timed bets have raised alarms among lawmakers and experts regarding potential insider trading, as they suggest that some traders may have had access to privileged information. The Commodity Futures Trading Commission (CFTC) is reportedly investigating these trades, although the agency's capacity to enforce regulations remains in question. Amidst this, a bipartisan group in Congress has proposed legislation to prevent government officials from participating in prediction markets related to political events, highlighting the complexities of regulating this emerging market. The situation underscores the growing intersection of online betting and financial markets, raising ethical and regulatory challenges.