Kalshi Issues First Lifetime Ban to George Santos Over Market Manipulation

The prediction market platform Kalshi has issued its first-ever lifetime ban to former U.S. Representative George Santos, citing insider trading and market manipulation related to wagers he placed on his own attendance at President Donald Trump's State of the Union address in February. The company also imposed a $71,356 penalty on the former New York Republican. According to a disciplinary notice released by Kalshi on Monday, August 31, the company's compliance department found that Santos, as a person capable of influencing the outcome of the event, was prohibited from trading in the market concerning his attendance.