House committee expands insider trading probe to three crypto platforms

House Oversight Chairman James Comer expanded the committee's insider trading probe to Hyperliquid, Crypto.com and PredictIt owner Aristotle Exchange. He sent letters to the three platforms on Tuesday. Comer said a trader placed a short bet on Hyperliquid before President Trump announced 100% tariffs on China on October 10, 2025. Crypto prices fell after the announcement. An Investing.com analysis valued the most tracked Hyperliquid short that day at about $1.1 billion in Bitcoin and Ether. The wallet reportedly added to the position one minute before Trump's post. The wallet made over $150 million as $19 billion in leveraged bets were wiped out. On-chain investigators linked the wallet to Garrett Jin, a former BitForex CEO. Jin denied insider trading and said he traded for a client. A CNBC-cited excerpt from Comer's letter said Hyperliquid apparently lacked identity verification and a way to refer the responsible trader to U.S. law enforcement. The three platforms must provide their Know Your Customer identity checks and explain how they detect suspicious trades. Crypto.com offers U.S. users bets on politics, sports and the economy through a regulated prediction arm. PredictIt has offered political bets since 2014. Comer first targeted Kalshi and Polymarket in May. Kalshi and Polymarket have already provided Congress with nearly 1,000 documents. A soldier was charged in April with using inside information to win about $400,000 on bets concerning Maduro. Kalshi banned George Santos from trading for life after he bet on his own State of the Union appearance.