FlightAware Targets Kalshi Over Flight Cancellation Bets
Regulated prediction market Kalshi is facing a new legal challenge after flight-tracking company FlightAware filed a lawsuit against the platform. According to CoinDesk, the lawsuit alleges that Kalshi used FlightAware's proprietary data and trademark without permission to settle betting contracts based on canceled flights.
The legal action centers on trademark infringement and alleged injury to FlightAware's reputation. Furthermore, Cointelegraph reports that the lawsuit cites state authorities who have directly compared Kalshi's event contracts to gambling.
Trepa and Fireplace Shut Down Amid Market Consolidation
The broader prediction market landscape is experiencing severe consolidation. Two smaller prediction markets, Trepa and Fireplace, announced their closures just hours apart, instructing all users to withdraw their funds by September 30. As noted by The Defiant, the closures come as industry heavyweights Kalshi and Polymarket now command a staggering 93% of total prediction market volume.
One of the shuttered platforms published a post-mortem stating that the crypto industry's active user base is significantly smaller than widely reported. For traders looking to navigate the remaining active platforms and track liquidity, predictionmarketstools.com provides essential resources and analytics for the sector.
Judge Stays CFTC Case Against US Soldier
In regulatory news, a New York judge has granted a motion filed by US prosecutors in July to stay the Commodity Futures Trading Commission's (CFTC) civil case against a US soldier. Cointelegraph reports that the defendant, Gannon Ken Van Dyke, is facing scrutiny over making more than $400,000 on prediction market bets.