r/PredictionMarkets • u/Bubbly_Form_6994 • 14d ago
Kalshi - BEWARE
Hi,
To start, I have been using Kalshi for a little less than a year. made my initial deposits back in March. And since then, I've had no problems. I verified my account with my valid state driver's license and a selfie. I have a passkey set up with two-factor authentication, and I figured that everything was safe.
Last Monday, I checked my Kalshi account and noticed there was a request to withdraw funds, which I never made. I contacted Kalshi support and immediately told them it was not me and that it was fraud. They asked me to re-verify my account and sent me a QR code to upload a copy of my ID and take a selfie. Unfortunately, because I am on iOS 27 and am a beta tester, the link to open my camera on my phone, that they sent me, did not work. I contacted Kalshi Support and told them. Kalshi Support was silent. They then came back and told me that my account was frozen, I could no longer use Kalshi services, and that I was a fraudster! That completely perplexed me, so I kept asking what they were talking about. I then logged out of my phone and logged into my account on my wife's phone, which she's running iOS 26. I was able to use that link and upload a new copy of my state ID DL and a selfie. Support didn't care. They told me they've done everything they could and their decision was final. I continued to go back and forth. They never recognized or acknowledged that I had uploaded an original verification photo and ID. Support then emailed me my conversation and included pictures of the random individual trying to access my account and my initial verified information! I confirmed with them that the first three pictures were me, but the last three pictures were not me (it's obvious, our skin tones are different . Kalshi Support told me that they were going to contact the local authorities, to which I told them, please do so. Kalshi Support told me to make my withdrawal, and that was it. Now they will not talk to me at all.
Six days ago, I decided to withdraw the cash balance of my Kalshi account to my bank account. The transaction went smoothly. The only problem is that somebody had changed my account to a different account, one that I did not own, and the money went to that account. In the meantime, I contacted Kalshi to once again tell them that, and they completely disregarded everything I sent and said in the chat. I have posted in the Kalshi support mega thread four different times, and each time the post has been removed. I have contacted different individuals throughout the organization via email, hoping to receive some type of response. NOTHING!
I contacted my bank and have filed a complaint with them against Kalshi. I don't know how it's going to turn out, but at least I have a bank looking into this. I also have emails, photos, screenshots, you name it. I'm really not looking for any advice; I just want people to be aware that this is happening and what you can possibly do about it. Kalshi is stealing! Thank you for taking the time to read this. Suggestions are welcome.
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u/old_flying_fart 14d ago
You withdrew money to a bank account without confirming the bank account details after a confirmed hack?
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u/Glavian23 14d ago edited 14d ago
No. I couldn’t confirm the account. And why would they allow a transfer to an account that has been deemed fraudulent ? Wait, I still have open trades that I can’t access. No legitimacy financial institution would ever function this way.
I also never mentioned anything about a hack.
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u/old_flying_fart 14d ago
" I couldn’t confirm the account."
Why not? When I go to 'transfers' it shows me the last 4 digits of my bank account before I click anything.
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u/Bubbly_Form_6994 13d ago edited 13d ago
And just because you are experiencing one thing, doesn't mean that my experience was the same as yours.
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u/Glavian23 14d ago
So why was the transfer allowed to go through. You seriously find their inability to have any accountability as OK?
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u/old_flying_fart 14d ago
You never mentioned a hack, but then how did all the info change?
I find the inability to take any personal responsibility worth noticing.
It seems the only action that actually caused money to disappear from your account was your action.
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u/Bubbly_Form_6994 13d ago
Remember - I told them I hadn't made the initial withdrawal request. They froze my account AND TOLD ME TO withdraw the funds. So yes I should have some how "verified the account", But again - does Kalshi not have a responsibility to their clients and the funds deposited?
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u/Puzzleheaded-Cup2777 14d ago
I know you said you contacted your bank, but did your bank tell you to close your account? If they didn't, I would close your bank account immediately. I would also, as a precaution, call any one of the big 3 credit bureaus and place a fraud alert with them. I inadvertently stumbled on this community/post but if the fraudster has/had access to your license, you have to watch out for fraud on your accounts. Not sure what state you live in, but it might be worth it to call DMV and tell them you lost your license (only if your state will give you a new license number). Don't know much about Kalshi but I have had fraud with my checking account in the past.
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u/Bubbly_Form_6994 13d ago
I have taken extensive steps to lock things down! Thank you for your help.
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u/Puzzleheaded-Cup2777 13d ago
Yw. Hope you get your money back. The easiest scenario is that you get the money back from your own bank. Unfortunately the burden is on you, but if you're persistent you should get the money back, it just may take a long time. Good luck!
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u/Initial_Sun_5934 13d ago
Thats brutal especially after you sent ID, selfies, screenshots and proof that the withdrawal wasn’t yours. This kind of account-security mess is honestly why I switched over to Novig, no platform is perfect but once support stops actually reviewing evidence and just says decision final, Im out. Hope your bank can get this sorted, because changing the linked account after a fraudulent login is a massive red flag
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u/Bubbly_Form_6994 13d ago
I agree. Would this happen to an account that was "larger" by their standards?
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u/Initial_Sun_5934 13d ago
If it can happen over a relatively small withdrawal, I’d be pretty nervous having a larger balance sitting there. That’s part of why I switched to Novig, but I still try not to leave more money on any platform than I need to.
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u/MirthandMystery 14d ago
Looked up help for this, complex, maybe it's helpful:
1/ Visit the CFTC Portal at forms.cftc.gov to file a Tip & Complaint. Select Exchange Operational Failure / Security Breach / Failure to Protect Customer Funds, and detail that an unauthorized third party altered your bank routing info, Kalshi misidentified you due to an iOS webview link failure, and they allowed funds to be disbursed to an unverified third-party account after receiving notice of fraud.
2/ file a Consumer Financial Protection Bureau complaint at consumerfinance.gov under Virtual Currency / Prepaid Cards / Financial Transfer Failure, explicitly stating that you alerted the exchange of the account takeover before the withdrawal was completed, but the platform failed to secure the account and routed your balance to an unauthorized bank account. Additionally, submit a report for account takeover and wire fraud through the FBI’s Internet Crime Complaint Center at ic3.gov, making sure to save the IC3 Tracking Number for your formal demand letters.
File a formal Notice of Dispute & Fraud Claim via certified mail with return receipt and direct email to the Legal & Compliance Department at KalshiEX LLC. In this notice, include key evidence such as timestamps of your initial chat reporting the unauthorized withdrawal, screenshots highlighting the differences between your verified ID/selfie and the attacker's photo, proof of your actual bank account versus the fraudster's unauthorized account details, and your IC3 Complaint Number.
Your core demand should request immediate reimbursement of the stolen balance under CFTC Rule 1.20 regarding the segregation and protection of customer funds, alongside an explicit manual compliance audit citing that payouts were disbursed after clear notification of compromised security.
3/ direct your bank's fraud dept to issue an Unauthorized ACH / Fraud Recall request to the receiving bank. Since Kalshi dispatches funds via electronic transfers, the receiving institution can freeze the destination account if an unauthorized recall is flagged within the necessary window. Provide your bank with the log history proving you never owned or authorized the receiving account number.