In a significant move, the U.S. prediction market platform Kalshi has permanently banned former Congressman George Santos from accessing its exchange. The decision comes alongside a hefty fine of $71,356 for manipulating contract prices that were dependent on his own presence during President Donald Trump's address to Congress.
According to Kalshi's compliance department, Santos engaged in a series of large trades from February 2 to February 25, which violated exchange rules prohibiting participants from trading in markets where they can influence the outcome of events. Following these trades, he publicly commented on his involvement in the event, aiming to sway the price movements of the Yes and No contracts.
Some of Santos' statements were found to be false or misleading, and the total profit from these trades amounted to $17,839.57.