Trader Caleb Davies said Kalshi settled a $3.3209 million Spotify market minutes after he urged a delay over suspected manipulated streams in Malcolm Todd’s “Earrings,” which Spotify later cut by 523,000 plays.
Kalshi settled a June Spotify prediction market with $3,320,917 in trading volume shortly after trader Caleb Davies warned that the underlying chart data may have been manipulated and asked the exchange to delay payout pending review. The disputed result centered on Malcolm Todd’s “Earrings,” which reached No. 1 on Spotify’s June 29 U.S. daily chart before Spotify later removed 523,000 streams from the song’s cumulative total, a change that Davies said would have dropped it to No. 4 for that day. Kalshi has said only Spotify could verify whether the activity was organic, has not reversed the settlement or announced compensation, and says it is in touch with Spotify and actively investigating.