Prediction market Kalshi has permanently banned former Congressman George Santos for manipulating a market tied to his own State of the Union attendance. Between February 2 and 25, Santos made large trades on a market whose outcome depended on whether he would attend the event, then made false or misleading public statements to move contract prices and profit $17,839.57. He violated multiple rules including prohibitions on market manipulation and trading with influence over an event’s outcome, and was also cited for failing to cooperate with the investigation. The $71,356 penalty marks Kalshi’s first lifetime ban of a former member of Congress.
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