Posted on: May 21, 2026, 02:20h.
Last updated on: May 21, 2026, 02:20h.
Kalshi accuses KalshiLies.com of publishing defamatory claims about exchange operationsDispute centers on whether Kalshi Trading LLC acts as “the house”Kalshi suggests critics may have financial interests adverse to the company
Lawyers for prediction market operator Kalshi have sent a cease-and-desist letter to the mysterious operators of KalshiLies.com, accusing the site of publishing “false, misleading, defamatory, and commercially disparaging statements” about the company.
Kalshi has issued a cease-and-desist letter to the mysterious operators of KalshiLies.com over claims about the company’s market-making operations and exchange structure. (Image: Getty)KalshiLies.com is connected to FairPredicts.com, which describes itself as “a nonpartisan market integrity watchdog” seeking to hold the prediction market industry to account.
“We track how prediction market operators are regulated, how they advertise, and whether their conduct matches their claims,” the site states. “Right now, the answer is often no,” it adds in accusatory bold type.
Kalshi said it has “reason to believe” the sites are funded by “parties with direct competitive or financial interests.”
Halfway House
The May 20 letter, signed by Kalshi General Counsel Richard Heaslip and legal counsel Maria Vouterakou, demands the immediate removal of statements alleging that Kalshi profits from customer losses through an affiliated market-making operation.
Gaming journalist and analyst Dustin Gouker shared the letter on X on May 21, while emphasizing he was not involved with the websites in question and did not know who operated them.
Kalshi’s primary objection centers on Kalshi Lies’ claim that the company’s assertion “we aren’t the house” is misleading. The site characterizes Kalshi affiliate Kalshi Trading LLC as “the house” because it acts as a trading counterparty to some Kalshi users.
“Kalshi runs its own market maker on the exchange … It’s called Kalshi Trading LLC — a Kalshi affiliate that profits on every customer trade, win or lose,” the site claims.
‘Demonstrably False’
In its letter, Kalshi pushes back on what it calls “demonstrably false” assertions:
“Kalshi Trading LLC is not ‘the house.’ It does not guarantee profits from customer activity, does not profit ‘on every customer trade, win or lose,’ and does not systematically participate in every trade on the platform. Rather, Kalshi Trading LLC is one of many market makers that provide liquidity on the exchange.”
The letter adds:
Market makers are common participants in regulated financial markets and serve a recognized and legitimate market function by facilitating liquidity and orderly trading.”
Kalshi further states that Kalshi Trading LLC is a loss-making entity whose role is simply to provide baseline liquidity to support market function. According to the company, it represents less than 1% of overall sports trading volume on the platform.
Kalshi is demanding the immediate removal of the allegedly defamatory statements and that the authors cease and desist from publishing, disseminating, promoting, or republishing further false or misleading statements.
As of publication, neither Fair Predicts or Kalshi Lies had removed any of the disputed allegations.
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