US Congress · Decrypt
George Santos Bet on Whether He'd Show Up to the State of the Union—Kalshi Just Banned Him for Life
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
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Prediction market Kalshi has permanently banned former Rep.
Key facts
- In a disciplinary notice dated Aug. 28, Kalshi's compliance department said Santos placed a series of large trades between Feb. 2 and Feb
- Kalshi permanently suspended Santos from direct or indirect access to the platform and imposed a penalty of $71,356
- The compliance department found that Santos made those statements intending to manipulate prices and that they did in fact do so, letting him profit $17,839.57 in the targeted markets
- As someone capable of influencing that outcome, Santos was barred from trading it under exchange rules
Summary
Kalshi found Santos placed large trades between Feb. 2 and 25, then made false or misleading public statements to move prices, profiting $17,839.57 and violating rules on manipulation and trading with influence over an outcome. It's the latest integrity scandal to hit prediction markets, following multiple recent cases. In a disciplinary notice dated Aug. 28, Kalshi's compliance department said Santos placed a series of large trades between Feb. 2 and Feb. 25 in a market whose outcome hinged on whether he would attend the event. As someone capable of influencing that outcome, Santos was barred from trading it under exchange rules.