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
    17·
    2 个月前

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

    • bedwyr@piefed.caEnglish
      2·
      2 个月前

      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
          2·
          2 个月前

          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
            1·
            2 个月前

            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
              0·
              2 个月前

              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.

  • meat@lemmy.blahaj.zone
    10·
    2 个月前

    Reminder. He was sentenced to 87 months in Federal prison for wire fraud and aggravated identity theft.

    • bedwyr@piefed.caEnglish
      4·
      2 个月前

      That was less than 87 months ago though. Didn’t they let him out almost immediately? He probably had sex tapes of him and some douchebag bigwig going t it or something. I can’t imagine he grifted/stole enough to afford a presidential pardon.

        • bedwyr@piefed.caEnglish
          1·
          2 个月前

          His currency for that pardon must have been blackmail as he would not presumably have the millions not demanded for a pardon. (Idk exactly, but he was selling parsdons in the end of 2020 after he lost for 1 million. It’s going to be higher now, they feel they have won.)