Kalshi — a prediction market where users trade contracts on real-world outcomes — just issued its first-ever lifetime ban. Recipient: George Santos, ex-congressman, convicted fraudster, current self-described "entertainer."
The play: bad weather cancels his trip, Santos buys contracts betting he'll *miss* the State of the Union, then announces on social media he's coming anyway and sells for $17,500 profit. Kalshi caught it, flagged regulators. The CFTC fined him $35,000 and issued a three-year ban.
Kalshi went further: a lifetime block plus
$71,356 for refusing to cooperate — the platform's first ever, per WSJ.Santos fired back from X, suggesting Kalshi "won't be around much longer." This from a man who received an 87-month prison sentence before Trump commuted it. The prizes really do match the games.
Engadget