Another Case of Prediction Market Manipulation: Over 500,000 Fake Plays Removed; Spotify Discovers That Manipulation of Malcolm Todd’s Song Plays Is Linked to Kalshi Bets
Svmuu News: Music streaming platform Spotify has removed over 500,000 fraudulent plays from musician Malcolm Todd’s song “Earrings.” The song had previously been propelled to the top of the charts. Spotify’s investigation revealed that the playback manipulation was linked to betting activity on a prediction market; traders on the Kalshi platform were wagering on which song would become the most-streamed track on Spotify in the U.S. in June, with the market’s trading volume reaching $3 million. Kalshi declared Todd the winner and settled the bets based on the manipulated data before Spotify completed its investigation. After discovering the issue, Spotify has requested that Kalshi and Polymarket remove its branding and clarify that there is no partnership between the two companies. Kalshi stated that it is cooperating with the investigation, while Polymarket has not responded.
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