Spotify removes streams of No. 1 song after suspicious Kalshi bets
Summary
Spotify removed streams of the song "Earrings" by Malcolm Todd after detecting that the streaming numbers were not from real listeners. This happened following suspicious bets placed on the song’s success on the prediction market platform Kalshi, which is now investigating the issue with Spotify.Key Facts
- The song "Earrings" quickly rose 70% in streams overnight, reaching No. 1 on Spotify's U.S. chart.
- Spotify identified the streams as manipulated and removed them, saying they do not pay royalties for fake streams.
- Kalshi is a prediction market where people bet on future events, including music chart success.
- Kalshi is working with Spotify to investigate the suspicious bets.
- There are concerns about prediction markets being vulnerable to manipulation with inside information.
- In a previous case, a suspicious bet on the capture of Venezuelan leader Nicolás Maduro involved a U.S. soldier charged with using classified information.
- The Commodity Futures Trading Commission (CFTC) regulates prediction markets in the U.S.
- Prediction markets have attracted billions in venture capital but face questions about security and fairness.
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