Polymarket accuses Kalshi of alleged industrial espionage, citing too many “coincidences” in multiple product launches

According to ChainCatcher, prediction market platform Polymarket suspects that its competitor Kalshi may be engaging in corporate espionage at its New York office and targeting its employees. The Polymarket marketing director confirmed that the company is conducting an internal investigation and stated that there are “too many coincidences,” which raises suspicions about Kalshi’s intentions.

Reports state that Polymarket has compiled an internal file titled “Imitators,” documenting around a dozen suspicious incidents. These include a free grocery pop-up event that Polymarket planned to launch on February 12, only for Kalshi to introduce a similar event about nine days earlier. Additionally, Polymarket expected to announce its perpetual contract product on April 21, but about one hour prior to that, tech outlet The Information reported that Kalshi was also preparing to launch a similar product.

Polymarket staff are also concerned that venture firm Paradigm, which supports Kalshi, has an office located directly opposite theirs, raising the risk of employees’ computer screens being spied upon. Reportedly, Polymarket installed window films for privacy in some offices this spring.

In response, a spokesperson for Kalshi denied all allegations, calling Polymarket’s suspicions “sad and verging on delusional.”