Kalshi fines and suspends three congressional candidates for wagering on their own elections


Three congressional candidates are accused of betting on the outcome of their own elections on the prediction market Kalshi, which said Wednesday that it fined and suspended the three men from their platform for five years.

It is the latest high-profile case of alleged insider trading on prediction markets including Kalshi and Polymarket, which have brought bipartisan scrutiny from Congress and calls for stricter regulations of the websites where people can put money on just about anything.

Kalshi’s disciplinary documents named Mark Moran, who is running as an independent in Virginia’s U.S. Senate race; Ezekiel Enriquez, who ran in a Texas Republican primary for a U.S. House seat; and Matt Klein, a Democratic state senator running for a U.S. House seat in Minnesota.

Klein and Enriquez both placed bets less than $100 related to their “own candidacy,” Kalshi said. Moran said on social media that he “traded $100 on myself.”

Moran refused to reach an agreement with Kalshi and was fined the most at more than $6,200, while Klein and Enriquez did reach agreements and face penalties of over $530 and $780, respectively, the company said. All were suspended from Kalshi for five years. The agreements are with the company, and not with a government oversight or law enforcement agency.

Far from denying the allegations, Moran took to social media on Wednesday to say that he placed the bets because he wanted to draw attention to the issue.

“We live in a Country destroyed by vice, which Kalshi directly contribute to,” Moran wrote on X, saying the goal of the trade was to “highlight how this company is destroying young men.”

Klein also confirmed Kalshi’s findings in a post on social media on Wednesday. The $50 wager he placed in October was the first time he had used a predictions market, he said in a statement on X, and he was “curious about how it worked.”

“This was a mistake and I apologize,” he wrote, saying that the experience made it clear that the markets need more regulation.

Enriquez, known as Zeke, lost his House race in the beginning of March with less than two percent of the vote. Contact information for Enriquez was not immediately found to request comment.

Jesse Bedayn And Safiyah Riddle, The Associated Press



Source link

  • Related Posts

    Get an Early Warning for the Apocalypse – Things Are Good

    If you’re worried about an impending apocalypse then this is the app for you! The Apocalypse Early Warning System is an art project created by Kyle McDonald that is a…

    After eight-week strike, long-term care workers in Nova Scotia vote on tentative deal

    HALIFAX — Unionized long-term care workers in Nova Scotia are expected to begin voting today on a tentative contract that could bring an end to a labour dispute now in…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Eventbrite and Vimeo owner Bending Spoons files to go public

    Eventbrite and Vimeo owner Bending Spoons files to go public

    Victor Wembanyama receiving invitations during Knicks’ games in NYC

    Victor Wembanyama receiving invitations during Knicks’ games in NYC

    ‘Senior lieutenant’ in Kinahan criminal cartel jailed for 24 years by Dublin court | Ireland

    ‘Senior lieutenant’ in Kinahan criminal cartel jailed for 24 years by Dublin court | Ireland

    2 US pilots die after plane crashes in the Dominican Republic

    2 US pilots die after plane crashes in the Dominican Republic

    Trump Says Israel Must Accept Any US-Iran Deal: I Call the Shots

    Trump Says Israel Must Accept Any US-Iran Deal: I Call the Shots

    The Super Mario Galaxy Movie Reaches $1 Billion, And It’s The First 2026 Film To Do So

    The Super Mario Galaxy Movie Reaches $1 Billion, And It’s The First 2026 Film To Do So