CFTC Settles With Former Congressman George Santos Over Kalshi Manipulation Allegations
JH Kim
Summary
- The US Commodity Futures Trading Commission (CFTC) reached a settlement with George Santos over allegations of market manipulation on prediction market platform Kalshi.
- The CFTC had previously sued Santos, alleging that he directly bet on a Kalshi prediction market over whether he would attend the State of the Union address and manipulated the market outcome.
- Santos is reported to have made more than $17,500 in profit from the trades.
The US Commodity Futures Trading Commission has settled with former US Representative George Santos over allegations of market manipulation on prediction market platform Kalshi, crypto news outlet The Block reported on August 31.
The CFTC had previously sued Santos, alleging that he directly bet on a Kalshi prediction market over whether he would attend the State of the Union address and manipulated the market's outcome.
Santos is reported to have made more than $17,500 in profit from the trades.
JH Kim
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