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- House Oversight Committee investigates Kalshi and Polymarket for insider trading
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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.
October 12, 2024
6:18 am
‘Cheer up, you caught the bad guy,’ says killer Virginia McCullough as she is arrested for murdering her parents
A woman who murdered her parents “in cold blood” before hiding them in makeshift tombs for four years told officers to “cheer up, you caught the bad guy” as she was arrested in her home.
Virginia McCullough, 36, poisoned her father John McCullough, 70, with prescription medication and fatally stabbed her mother Lois McCullough, 71, shortly afterwards in 2019.
She ran up large debts on credit cards in her parents’ names and after their deaths, she continued to spend their pensions until she was finally caught in 2023.
In body-worn video footage released by police, a handcuffed – and eerily calm – McCullough told officers: “I did know that this would kind of come eventually.
“It’s proper that I serve my punishment.”
She said she had slipped something into her father’s drink then put his body under a bed on the ground floor, and put her mother’s body in an upstairs wardrobe.
McCullough, having been arrested on suspicion of double murder, told an officer: “Cheer up, at least you’ve caught the bad guy.”
She added: “I know I don’t seem 100% evil.”
At the police station, she told officers where a kitchen knife was, which she described as a “murder weapon”, and a hammer which she said “will still have blood on it”.
McCullough, of Pump Hill, Chelmsford, Essex, was sentenced to life imprisonment on Friday with a minimum term of 36 years at Chelmsford Crown Court, after she admitted to their murders between 17 and 20 June 2019 at an earlier hearing at the same court.
Chelmsford Crown Court heard how she hid their bodies in makeshift tombs at the family home in Great Baddow in Essex, then told persistent lies to cover her tracks.
The court heard she cancelled family arrangements and frequently told doctors and relatives her parents were unwell, on holiday or away on lengthy trips.
But concerns over Mr and Mrs McCullough’s welfare were raised in September 2023 by a GP at their registered practice, and Essex County Council’s safeguarding team referred these to police.
The GP had not seen the couple for some time and said Mr McCullough had failed to collect medication and attend scheduled appointments. It was found McCullough had frequently cancelled appointments, using a range of excuses to explain her father’s absence.
Police said a missing persons investigation was initially launched and McCullough lied to officers, claiming her parents were travelling and would be returning in October.
It became a murder investigation, and when officers forced entry to the house in Pump Hill on September 15 2023, McCullough confessed that her parents’ bodies were in the house and that she had killed them.
Nicola Rice, a specialist prosecutor for the Crown Prosecution Service, said: “McCullough callously and viciously killed both of her parents before concealing their bodies in makeshift tombs within their home address.
“She spent the next four years manipulating and lying to family members, medical staff, financial institutions, and the police, spending her parents’ money and accruing large debts in their name.”
She added: “This was a truly disturbing case, which has left behind it a trail of devastation, and I can only hope that the sentence passed today will help those who loved and cared for Lois and John begin to heal.”
To downplay the genocide, the israelis claim there’s only 20,000 people left in north Gaza, says
@MahaGaza
: the real number exceeds 400,000
Man of the right wing Nigel Farage taking more second jobs and freebie helicopter rides
Gosh he’ll soon be a true blue Tory at this rate
Or far far worse
The cost-of-living crisis is far from over, yet the government’s 50% increase to the bus fare cap is a political choice, adding hundreds to annual costs.
To address hardship & the climate crisis, the government must keep the £2 cap & make public transport accessible for all.
G20 waters down support for Ukraine amid pressure for peace talks
The Tech Titan Who Led His Company From a 68-Square-Foot Jail Cell
November 23, 2024
8:25 am
Defense alliance NATO chief Mark Rutte has met US President-elect Donald Trump to discuss global security issues, according to a NATO spokesperson.
The meeting took place in Palm Beach, Florida.
During his first term as US president, 2017-2020, Trump pushed for European NATO countries to spend more on defense and described the alliance’s cost-sharing as unfair to the US.
Rutte took over as NATO chief from Norwegian Jens Stoltenberg in November.
Before taking office in January, Trump has nominated Pete Hegseth for the post of defense secretary, which has raised eyebrows among many allies.
Hegseth, 44, has served as an infantry captain in Iraq and Afghanistan, but has no senior military or government officer experience.
November 23, 2024
8:25 am
November 23, 2024
8:17 am
Multiple missiles were fired in an airstrike towards a densely populated part of Lebanon’s capital early on Saturday.
The huge airstrike targeted Beirut’s Basta neighbourhood, and no prior warnings were given by the Israeli military. The largely residential area was struck last month.
At least one violent explosion was heard across the city, Reuters witnesses said, and plumes of smoke could be seen. Scenes of massive destruction at the site were shared online, including a massive crater in the ground.
“Beirut, the capital, woke up to a horrific massacre, as the Israeli enemy’s air force completely destroyed an eight-story residential building with five missiles on Al-Mamoun Street in Basta,” the state-run National News Agency reported.
The health ministry put the initial death toll at four, with 23 wounded. The number is expected to climb in the coming hours as search and rescue efforts continue.
It came after a long day of Israeli airstrikes on Beirut’s southern suburbs, which have been non-stop since last week.
The cross-border fighting between Israel and the Iran-backed Hezbollah militant group escalated into a full-blown war in mid-September.
Israel has bombed southern Lebanon, Beirut’s southern suburbs and the eastern Beqaa region, and has sent ground troops across the border. Hezbollah has continued to fire rockets deeper into Israel.
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