- The Department of Justice has reportedly launched an investigation into George Santos for alleged insider trading on the prediction market Kalshi.
- The alleged scheme involved Santos manipulating odds on a bet concerning his attendance at Donald Trump’s State of the Union address in February.
- Santos reportedly posted on X confirming his attendance, causing odds to spike, then later reversed his statement, claiming he would watch from an airport, which led to a tumble in the odds.
- Prior to his announcement that he would not attend, Santos allegedly placed bets on Kalshi predicting his non-attendance, according to sources with direct knowledge of his trades.
- Kalshi detected these suspicious trades and subsequently referred the matter to both the DOJ and the Commodity Futures Trading Commission, prompting separate investigations into the former congressman's activities.
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