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Senator Schiff Slams Betting on Iran Conflict Amid Scandal

3/4/2026

Summary

Story summary

Senate Minority Leader Adam Schiff criticized prediction markets for betting on U.S. military actions in Iran, calling them immoral and highlighting insider-trading risks.
A gambler known as 'Magamyman' reportedly earned $600,000 from bets on the strikes.
Blockchain analytics identified six suspected insiders who collectively profited $1.2 million shortly before the conflict began.
Kalshi faced backlash after voiding trades tied to Ayatollah Khamenei's death, with traders criticizing the "death carveout" rule.

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Story summary

Senate Minority Leader Adam Schiff criticized prediction markets for betting on U.S. military actions in Iran, calling them immoral and highlighting insider-trading risks.
A gambler known as 'Magamyman' reportedly earned $600,000 from bets on the strikes.
Blockchain analytics identified six suspected insiders who collectively profited $1.2 million shortly before the conflict began.
Kalshi faced backlash after voiding trades tied to Ayatollah Khamenei's death, with traders criticizing the "death carveout" rule.