Prediction market platform Kalshi permanently bans former US lawmaker George Santos: Here's why
Kalshi has permanently banned former US Representative George Santos and fined him $71,356 over bets on whether he would attend the State of the Union. The platform said he manipulated betting prices and engaged in insider trading. Santos mocked the ban.
Prediction market platform Kalshi has permanently banned former U.S. Representative George Santos, marking its first lifetime ban. Santos, who had multiple false claims in his campaign, was expelled from Congress in 2023 amid a federal fraud investigation. The platform banned him for placing bets on whether he would attend President Donald Trump's State of the Union address.
Between February 2 and February 25, Santos placed several large bets, later making false or misleading statements to influence their prices, including claiming he would attend. Kalshi's compliance department found Santos had engaged in insider trading and manipulated the betting market, resulting in a profit of $17,839. The company fined Santos $71,356, more than triple his earnings.
Santos mocked the ban on social media, calling the platform "an unserious company". Kalshi's spokesperson stated it was the first permanent ban in the company's history, while also fining and temporarily banning other traders who cooperated with their probe.
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