{"id":4839,"date":"2026-08-03T21:11:30","date_gmt":"2026-08-03T21:11:30","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=4839"},"modified":"2026-08-03T21:11:30","modified_gmt":"2026-08-03T21:11:30","slug":"kalshi-ceo-clashes-with-disgraced-former-congressman-george-santos-in-latest-prediction-market-controversy","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=4839","title":{"rendered":"Kalshi CEO clashes with disgraced former Congressman George Santos in latest prediction market controversy"},"content":{"rendered":"
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In response, Kalshi CEO Tarek Mansour shot back on X, saying the platform should be judged by its enemies: casinos, insider traders, and, now, Santos himself.\u00a0<\/p>\n

Read more The Danube is running dry, and Europe\u2019s power grid is suffering as a result<\/a><\/p>\n

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Judge me by my enemies:<\/p>\n

1. Casinos
2. Insider traders
3. George Santos https:\/\/t.co\/eKPqWmRFBk<\/p>\n

\u2014 Tarek Mansour (@mansourtarek_) August 3, 2026<\/p><\/blockquote>\n

The dustup came after it transpired that Santos, who received a pardon last year from President Trump, bet on a Kalshi contract that let users wager on whether he would show up for the State of the Union. Like other prediction markets, Kalshi lets users trade binary contracts on whether specific events will happen, paying out if they guess the right outcome. The platform, though, bars people from profiting on insider information\u2014as was the case with Santos betting on whether he would attend the speech.\u00a0<\/p>\n

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As prediction markets have grown, so have fears that they can be exploited by people with inside information or direct control over the events being traded. Regulators have already scrutinized bets on sensitive geopolitical and political outcomes and opened cases against insiders accused of cashing in on their access.<\/p>\n

Santos\u2019s aggressive stance toward the platform comes almost six months after Kalshi flagged his trading in a market tied to his own State of the Union attendance and referred it to federal regulators. That activity violated Kalshi\u2019s rule that bars participants from trading on contracts they have the power to influence, and prompted parallel investigations by the CFTC and the Justice Department.<\/p>\n

Read more The Iran war already has a winner: The world\u2019s largest shipbroker notching record earnings from the \u2018exceptional volatility\u2019 in the Strait of Hormuz<\/a><\/p>\n

Regulators found that Santos used a series of misleading social media posts and omissions to strategically influence the market price of his positions, ultimately allowing him to reap over $17,500 in illegal profits. The CFTC filing detailed a specific pattern of manipulation where Santos first bet in early February that he would attend the address, netting roughly $3,500 after publicly asking his followers for advice on whether he should wear a \u201cmuted serious suit\u201d or a \u201cbedazzled one.\u201d\u00a0<\/p>\n

\n

Should I wear a muted serious suit to the SOTU or a bedazzled one? \ud83e\udee3<\/p>\n

\u2014 George Santos (@Georgesantos) February 22, 2026<\/p><\/blockquote>\n

However, when severe weather jeopardized his travel plans later that month, he reversed course and spent more than $8,500 building a \u201cno\u201d position, ultimately amassing over 23,000 contracts betting he wouldn\u2019t attend. The CFTC found that to support this bet, Santos posted a video saying he would be in the House gallery and replied \u201cI am\u201d to a user asking if he planned to attend\u2014even though his flight and train tickets were already canceled.<\/p>\n

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These posts drove up the price of \u201cyes\u201d contracts, making his \u201cno\u201d position more valuable when he finally announced on the night of the speech that he was watching it from an airport television.\u00a0<\/p>\n

Read more Ukraine uses business principles to maximize Russia\u2019s casualties and economic costs, potentially crushing its will to keep fighting, RAND says<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Santos was ordered to pay $35,000 after the CFTC found he had manipulated Kalshi contracts tied to his State of the Union attendance. <\/p>\n","protected":false},"author":1,"featured_media":4838,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[528],"tags":[],"class_list":["post-4839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-united-states"],"yoast_head":"\nKalshi CEO clashes with disgraced former Congressman George Santos in latest prediction market controversy - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=4839\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kalshi CEO clashes with disgraced former Congressman George Santos in latest prediction market controversy - 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