CoinMeta Data: The regulated US predictive market Kalshi is facing intense scrutiny regarding its newly launched crypto perpetual contracts. This is due to allegations on social media that indicate abnormal market activities and suspected fake trading volumes. The controversy began when quantitative analyst beni pointed out on X that the trading volume of Kalshi's Ethereum ETH perpetual contract (ETH-PERP) reached 539 million US dollars within 24 hours, while the open interest was only 3.1 million US dollars, representing a ratio of 174 times the open interest. This is typically considered a sign of wash trading or fraudulent activity. beni also mentioned a series of repeated $5,500 transactions that accounted for 58% of the total trading volume of this Ethereum perpetual contract. Kalshi, the person in charge of product development, argued that these accusations stem from a misunderstanding of the platform's mechanisms and explained the method used to calculate trading volumes, emphasizing transparency and compliance.