George Santos responded after Kalshi issued its first-ever lifetime ban, mocking the prediction market on X after insider trading allegations.

Former Republican Representative George Santos has hit back after receiving a lifetime ban on prediction market platform Kalshi.

On Monday, Kalshi said it had permanently barred Santos from its platform and imposed a $71,356 penalty following a Commodity Futures Trading Commission (CFTC) case tied to trades on his own attendance at President Donald Trump’s State of the Union address. Regulators alleged Santos profited from contracts predicting he would miss the event while posting content that suggested he still planned to attend.

It marks the first time Kalshi has issued a lifetime ban, according to a company spokesperson, and its compliance department had imposed a penalty of $71,356, according to a filing on its website.

  • prole@lemmy.blahaj.zone
    92·
    3 days ago

    This is literally what this website exists for… Are they just mad at him for bringing attention to the grift?

    • bedwyr@piefed.caEnglish
      17·
      3 days ago

      The original idea was good. It was put forth by academics, that ran pilot programs through a couple of universities. To get a more honest measure of what people think will happen as they are voting with their money.

      They outlawed that non profit academic site, Predict it, around like 2021 or so I forget, then gave the thumbs up to these shady for profit comanies like kalshi that in maximizing revenue have made it also work as such.

        • bedwyr@piefed.caEnglish
          5·
          3 days ago

          Last I read US people weren’t allowed to use it since 2021. Because the political predictions purportedly.

          But that’s good they are still active elsewhere and or trading in non forbidden other betting markets in the US. This is like using the credit union over the multinational bank that is kalshi.

          • Friego@piefed.caEnglish
            6·
            3 days ago

            They sued to continue operation and received a No-Action Letter (Basically a promise that the regulatory body would not shut them down as long as they followed certain restrictions)

            • bedwyr@piefed.caEnglish
              2·
              3 days ago

              One of those restrictions likely being not to allow americans to vote in forbidden markets like political bets. Even though these for profit companies can do that.

              It’s open corruption, I’m glad predict it fought back, but the deed is already done, we now have the everything bet majors. No open source options in site, not for 80 percent of the population.