Odaily Planet Daily reports: The prediction market platform Kalshi permanently banned former U.S. Representative George Santos and fined him $71,400. Kalshi found that he manipulated a market related to whether he attended the State of the Union address and profited $17,800 from it.

In a disciplinary notice dated August 28, Kalshi’s compliance department said that Santos made multiple large transactions in relevant markets between February 2 and 25. Because his actions could influence market outcomes, platform rules prohibit him from trading that market; he then made false or misleading statements about attendance arrangements in an attempt to influence the “Yes” and “No” contract prices.

Kalshi-designated statements relating to the matter are intended to manipulate prices and indeed cause price changes, thereby violating regulations on market manipulation, affecting event-outcome trading, and fraudulent manipulation, and they were penalized for failing to cooperate with the investigation. This sanction is Kalshi’s first lifetime ban against a former member of Congress. (Decrypt)