Kalshi enfrenta falhas críticas durante negociações de futebol universitário

Plataforma de previsões financeiras trava durante picos de volume - traders ficam presos em contratos esportivos

Os sistemas da Kalshi colapsaram durante os jogos decisivos do campeonato universitário, deixando investidores incapazes de ajustar posições enquanto os spreads se moviam violentamente

Relatos de ordens não executadas e delays de até 45 minutos surgiram em fóruns especializados - exatamente quando a liquidez mais importava

Mais uma demonstração de que infraestrutura tradicional ainda não consegue acompanhar a volatilidade dos mercados de previsão... mas pelo menos as exchanges de crypto já resolveram esses problemas há anos

Kalshi denies outage as traders flood social media

After the chaos, Kalshi released a statement downplaying the scale of the disruption. “Earlier today, Kalshi experienced minor glitches that temporarily affected some user experiences. No exchange outage occurred, no funds were affected, and the issues are now resolved,” the company said. A spokesperson insisted that the exchange never stopped working properly, emphasizing there was no impact on clearing or institutional trading. “There were some glitches and delays on our web and app product, which affected less than half of our user base,” the spokesperson added.

Still, screenshots and video clips showed otherwise. Some users couldn’t access balances, while others said their bets were either delayed or never executed.

Now just a week ago, Kalshi had announced a $300 million Series D funding round, pushing its valuation to $5 billion, up from $2 billion in June. The round was led by Andreessen Horowitz and Sequoia Capital, with backing from Paradigm, Coinbase Ventures, General Catalyst, Spark Capital, and CapitalG.

Like crypto’s Polymarket, Kalshi built its reputation by letting users trade on real-world events, from football results to who President Donald Trump might pardon this year.

Massachusetts targets Kalshi in sports-betting lawsuit

That business model now faces a major legal fight. In September, Massachusetts Attorney General Andrea Joy Campbell sued Kalshi, accusing it of offering unlicensed sports gambling under the disguise of “event contracts.”

“If Kalshi wants to be in the sports gaming business in Massachusetts, they must obtain a license and follow our laws,” Andrea Joy Campbell said in a statement. The state also asked the court to block the company from offering sports-related markets until the case is settled.

The tension spread fast. Robinhood filed a lawsuit against Massachusetts, saying it expected to be targeted next because it allows its customers to trade Kalshi contracts. Robinhood warned that the state’s actions could cause “reputational harm and potentially criminal or civil penalties.”

Kalshi argues it’s protected by federal regulation. It says the Commodity Futures Trading Commission (CFTC) treats event contracts as legal prediction markets, and that federal oversight should override state laws.

Massachusetts disagrees. In a filing with Suffolk County Superior Court, the state said Kalshi is making more money from sports wagers than licensed sportsbooks such as DraftKings or FanDuel.

“Sports event wagers comprised approximately 70% of Kalshi’s trading volume between February 25, 2025, and May 17, 2025, which increased to 75% from March 18, 2025 onwards—Kalshi’s first day offering single-game March Madness markets,” the lawsuit says. “Kalshi made more from sports wagers than licensed sports wagering platforms DraftKings or FanDuel over the course of the same February through May timeframe.”

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