The prediction market platform Kalshi fined three political candidates and suspended them from its site after the company said they had bet on their own races.
Kalshi spokesperson Elisabeth Diana confirmed to NOTUS that the three candidates involved were Mark Moran, a candidate for U.S. Senate in Virginia, Matt Klein, a congressional candidate in Minnesota, and former Texas congressional candidate Ezekiel Enriquez.
“Just like in traditional financial markets, bad actors will try to cheat,” Bobby DeNault, the head of enforcement and legal counsel at Kalshi, wrote in a press release Wednesday announcing the action. “Regulated exchanges must constantly evolve and adapt their systems to address insider threats. These three cases are an example of how developing proactive engineering solutions can help identify illicit trading activity.”