George Santos: The Shady Business of Insider Trading in Prediction Markets

(AsiaGameHub) –   George Santos is under investigation for insider trading at Kalshi. He’s accused of lying about attending the State of the Union before trading on the market. On Feb 23, he said he’d be there, but later confirmed he wasn’t. NPR reported he wagered against himself at Kalshi. His video saying he’d attend sent his chances up to 76% there, with over $9.3 million traded. On Polymarket, his chances rose to – 78.5%, with nearly $150,000 traded on him.

Santos won’t confirm or deny trading. Kalshi won’t say if it’s investigating. NPR asked for an interview, but he dodged it. After the article came out, he said he doesn’t respond to “rag reporting.”

Trump commuted Santos’ prison sentence. If found guilty of trading, he could go back to jail. A Google employee was indicted for using company info to trade. Commodities fraud can bring up to 10 years in prison, wire fraud and money laundering up to 20 years.

Despite suspending Santos’ account after the State of the Union, Kalshi still offered markets related to him. Last month, users could trade on what he’d say in a NewsMax interview, with almost $90,000 traded. Lawmakers want to ban these manipulable markets. Minnesota passed a ban, but the CFTC sued. The Santos scandal may lead to more calls to restrict prediction markets, though Trump supports the CFTC and the industry.