Stealth Neolab co-founder Beni questioned Kalshi's cryptocurrency trading volume, pointing out that its ETH-PERP 24-hour trading volume was approximately $539 million, while open interest was only $3.1 million. Beni raised concerns about how the platform calculates and displays its trading volume. IcoBeast, Kalshi's Head of Crypto, responded by stating that Beni confused the concepts of crypto prediction markets with perpetual futures. IcoBeast added that Kalshi does not offer rebates for crypto prediction markets, and its perpetual futures market-making incentive mechanism is similar to those of CME, Hyperliquid, and Binance. IcoBeast also denied claims that Kalshi selectively chooses its clearing members. Beni subsequently stated that he had received new non-public information and would disclose more details after consulting legal counsel.