Kalshi Under Fire Over Khamenei Contract as CEO Defends Ethics

[nihalsari]

While Polymarket celebrated record-breaking volume, US-regulated rival Kalshi faced backlash over a controversial contract titled “Ali Khamenei out as Supreme Leader?” The market drew over $50 million in total volume, including $20 million on the day of the strikes, leading critics to accuse the platform of enabling a proxy “death market.”

Kalshi CEO Tarek Mansour defended the platform’s handling of the contract, stating that positions would be settled based on pre-death last-traded prices, while trades placed after the reported death would be reimbursed with fees included. Mansour argued that leadership transitions in Iran carry major geopolitical and economic consequences, making the contract relevant under CFTC guidelines. The controversy underscores both the growing influence and ethical complexity of prediction markets as they increasingly intersect with real-world crises.

[ed]

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