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Get you up to speed: House lawmakers launch insider trading probe into Kalshi and Polymarket
The House Oversight Committee is investigating Kalshi and Polymarket for alleged insider trading incidents by users of their prediction markets. Rep. James Comer, chairman of the committee, has requested internal documents from both companies to assess their measures against insider trading.
The House Oversight Committee has initiated an investigation into Kalshi and Polymarket regarding alleged insider trading incidents, with Rep. James Comer requesting detailed internal documents from both companies. Recent reports indicated that 9 Polymarket accounts earned $2.4 million based on accurately predicting significant events related to the Iran war and the removal of Nicolás Maduro, raising serious concerns over market integrity.
The House Oversight Committee is investigating Kalshi and Polymarket for alleged insider trading, with Chairman Rep. James Comer requesting internal documents to assess their safeguards against such activities. In response, both companies stated they have implemented comprehensive measures to prevent insider trading and have recently tightened their rules regarding who can participate on their platforms.
What remains unclear — It is not specified what specific measures Kalshi and Polymarket are employing to investigate potential insider trading on their platforms.
House Oversight Committee investigates Kalshi and Polymarket for insider trading
The House Oversight Committee said on Friday that it is opening an investigation into Kalshi and Polymaket over alleged incidents of insider trading by users of the prediction markets.
Rep. James Comer of Kentucky, the panel’s chairman, sent letters to Kalshi CEO Tarek Mansour and Polymarket CEO Shayne Coplan requesting internal documents to determine what the companies are doing to deter insider trading.
Specifically, Comer asked Kalshi and Polymarket to provide information on how they investigate potential insider trading and on the identity verification processes for domestic and international account holders.
Polymarket and Kalshi allow users to speculate on the outcome of future events, such as elections, sports and geopolitical developments. While their popularity has skyrocketed, they’ve also drawn scrutiny from lawmakers after a series of suspiciously timed bets sparked concerns about insider trading.
In his letter on Friday, Comer requested information from Mansour and Coplan on trading activity on their platforms tied to the Iran war and to the Trump administration’s capture of former Venezuelan leader Nicolás Maduro.
According to a recent “60 Minutes” report, an investigation by data analytics firm Bubblemaps found that 9 Polymarket accounts made a total of $2.4 million by correctly guessing the dates of pivotal moments in the conflict.
In April, federal prosecutors charged a U.S. special forces soldier with allegedly using confidential government information to bet on Maduro’s removal from office, a trade that netted more than $400,000.
The soldier, Gannon Ken Van Dyke, 38, has been charged with unlawful use of confidential government information for personal gain, theft of nonpublic government information, commodities fraud, wire fraud and making an unlawful monetary transaction. He has pleaded not guilty.
In a statement to WTX US News on Friday, a Polymarket spokesperson said the company “maintains a comprehensive market integrity framework.”
Kalshi also touted its efforts to prevent insider trading. Spokesperson Elisabeth Diana told WTX US News that the company has implemented “comprehensive” safeguards.
In recent months, both platforms have tightened their rules to prevent users from trading on confidential information.
In April, Kalshi fined three congressional candidates and suspended their accounts on the platform for five years after a company investigation found they gambled on their own elections. The prediction market platform now bans members of Congress from creating accounts.
A new rule Polymarket implemented in March also prohibits traders from betting on an event if they “hold a position of authority” or influence that could affect its outcome.
Edited by
Alain Sherter
In:
Get you up to speed: First pictures inside Maldives cave where six divers lost their lives | News World
Five Italian divers died during a dive into the 160 ft deep ‘shark cave’ in the Devana Kandu cave system in the Maldives last week. Their bodies were recovered, and a Maldivian military diver also lost his life during the recovery mission.
An investigation is ongoing to determine the circumstances surrounding the deaths of the divers, with officials focusing on the role of the tour operator. The dive exceeded local depth limits, and legal representatives for the operator have denied knowledge of the group’s deep dive activities.
Italian authorities have launched an investigation into the deaths of the six divers, with initial reports indicating that the Italian tour operator managing the diving trip had not authorised the group’s deep dive, according to their lawyer. Meanwhile, the diving organisation Dan Europe expressed condolences and stated they will continue to collaborate closely with authorities as the case develops.
What remains unclear — It is not confirmed how the divers became disoriented and mistakenly entered the dead-end corridor.
First images released from Maldives cave where six divers died

Five Italians on a research trip were killed during a dive into the 160 ft deep ‘shark cave’ in the Devana Kandu cave system last week (Picture: Instagram/DanEurope)
The first pictures from the Maldives cave where six people have died have been released.
Five Italians on a research trip were killed during a dive into the 160 ft deep ‘shark cave’ in the Devana Kandu cave system last week.
Images published by Dan Europe reveal the underwater passages before natural light diminishes and the tunnels are plunged into darkness.
The bodies of ecology professor Monica Montefalcone, her daughter Giorgia Sommacal, researcher Muriel Oddenino, and marine biologist Federico Gualtieri have all been recovered.
They were accompanied by diving instructor Gianluca Benedetti, whose body was found last week.
In total six people have been killed as part of the cave dive, with Maldivian military rescue diver Mohamed Mahudhee dying from decompression illness on Saturday during a recovery mission.
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Images published by Dan Europe reveal the underwater passages before natural light diminishes and the tunnels are plunged into darkness

In total six people have been killed as part of the cave dive
Sharing the pictures on Instagram, diving organisation Dan Europe said: ‘Natural light still filters through the entrance before the system descends into darkness.’
The pro-divers found the Italians in a corridor with a dead-end inside, Italy’s daily newspaper La Repubblica reported.
The company’s CEO said: ‘There was no way out from there,.’
Near the entrance to the cave there is a very large and bright cavern with a sandy bottom, with a corridor at the end.
The corridor has little light but ‘visibility, using artificial lighting, was excellent’, the CEO said.

Near the entrance to the cave there is a very large and bright cavern with a sandy bottom, with a corridor at the end

There is another corridor in the chamber which can easily be confused for the one the divers entered through due to a sandbank which looks like a wall obstructing vision

In total six people have died during the dive, including ecology professor Monica Montefalcone (left) and her daughter Giorgia Sommacal (right)

Researcher Muriel Oddenino had been on an official scientific mission with Ms Montefalcone prior to the dive (Picture: Facebook)
It was 30 metres long , leading to a second chamber which is large but has no natural light.
But there is another corridor in the chamber which can easily be confused for the one the divers entered through due to a sandbank which looks like a wall obstructing vision.
This corridor is only a few metres long, but was where the divers’ bodies were discovered.

Gianluca Benedetti’s body was the first to be recovered last week

Federico Gualtieri, a marine biologist, died during the cave dive on Thursday.
Marroni said: ‘The divers’ bodies were all found inside, as if they had mistaken it for the right one.’
Due to limited air supply, it would have been difficult for the divers to return.
Marroni said: ‘Realising that the path is the wrong one and having little air, perhaps after going back and forth, is terrifying. Then you breathe quickly, and the air supply decreases.’
Monica’s husband and dad of Giorgia Carlo Sommacal told Italian media his wife ‘was one of the best divers in the world’ and would never put his daughter at risk.
He said she had carried out about 5,000 dives and was ‘never reckless’.
The Italian tour operator that managed the diving trip has denied authorising or knowing about the group’s deep dive, which exceeded local limits, its lawyer told Italian local publication Corriere della Sera.
An investigation is underway to establish the cause of death.
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