Polymarket · White House · Iran · New York · Cointelegraph
US House lawmakers launch probe into Kalshi, Polymarket insider trading
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Representative James Comer asked CEOs of two major prediction market companies for information on their responses to insider trading after “suspiciously timed trades” related to US military actions against Iran.
Key facts
- In a Friday X post, Committee Chair James Comer confirmed reports that he had sent letters to Polymarket CEO Shayne Coplan and Kalshi CEO Tarek Mansour, asking them for internal records
- In April, the US Justice Department announced a criminal indictment against Master Sergeant Gannon Ken Van Dyke, a soldier who was involved in the military operation that led to the capture
- More than 80 suspiciously timed trades were placed ahead of Iran military operations,” said Comer
- Van Dyke pleaded not guilty to the charges, which included commodities fraud and the unlawful use of confidential government information for personal gain
Summary
The chair of the US House of Representatives’ Oversight and Government Reform Committee sent letters to the CEOs of Kalshi and Polymarket, questioning the companies’ response to incidents of insider trading on the platform. In a Friday X post, Committee Chair James Comer confirmed reports that he had sent letters to Polymarket CEO Shayne Coplan and Kalshi CEO Tarek Mansour, asking them for internal records on how the companies were handling insider trading. “More than 80 suspiciously timed trades were placed ahead of Iran military operations,” said Comer.