Kalshi Faces Wash Trading Allegations Over Ether Futures Volume

US-regulated exchange Kalshi is facing accusations of inflating its crypto trading volume after researchers identified thousands of identical $5,500 trades in its ether perpetual futures market. Beni, a former quantitative trader, reported that these specific trades accounted for nearly 60% of the market's volume on several occasions. Kalshi has denied the allegations, stating that the data was misinterpreted and that its incentive programs are standard industry practice similar to those used by CME, Hyperliquid, and Binance.