Kalshi CEO Defends Controversial Khamenei Market, Promises Full Fee Refunds

Kalshi’s CEO Tarek Mansour defended the platform’s market design for a prediction contract tied to Iran’s Supreme Leader Ayatollah Ali Khamenei amid heavy backlash, saying the company does not list markets directly tied to death or profiting from it.

In response to confusion and criticism, Kalshi said it will refund all trading fees associated with the Khamenei market, settle positions opened before reports of his death at the last traded price prior to that event, and fully reimburse costs for positions opened after the reported time of death. Mansour assured users that “no user will lose a single dollar” in this market.

Many users, however, complained that the reimbursement process still left them at a loss, and debates continue over whether the platform’s rules were clear enough.

Critics argue the situation highlights broader ethical and transparency questions about prediction markets and how rules are communicated to traders.

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