Skip to main content

Spotify deletes 500K streams of popular song for suspected Kalshi, Polymarket user manipulation

By
Spotify logo on mobile device

Malcolm Todd is currently one of the fastest-rising stars in the music industry, with his viral hit "Earrings" recently topping the Spotify charts.

However, Todd has just fallen off the Spotify charts after an internal investigation by the company found manipulation through artificial streaming. As a result of the investigation, Spotify removed 500,000 streams for his song. "Earrings" fell to fourth on the charts after the stream removals.

“All streaming services face ever-changing stream manipulation. Spotify has best-in-class detection and mitigation practices for manipulated streams, and we don’t pay out associated royalties,” a Spotify spokesperson said in a statement.

The manipulation has been linked to those who placed bets on prediction markets such as Polymarket and Kalshi. The artist is not believed to be involved, according to Financial Times.

Both Polymarket and Kalshi allow users to bet on which artists will have the top charting songs. In fact, the investigation into botted listens seems to have been sparked by other prediction market traders who closely analyze Spotify data and noticed fishy activity.

Last week, Kalshi gave Todd a 2.5 percent chance of having the number one charting Spotify song by the end of June. Earlier this week, in the final days of the month, artificial streaming manipulation caused Todd's song to skyrocket 70 percent to the top of the charts within a 24-hour period. 

Spotify has since confirmed the manipulation after its investigation. The company also requested that Polymarket and Kalshi remove Spotify logos from their websites to prevent users from believing there is a partnership between the entities, according to Bloomberg.

Kalshi and Polymarket are actively reviewing the claims, according to reports from The Hollywood Reporter and Wired.

Prediction markets have grown in popularity in recent years. However, these companies have also struggled to deal with increasingly common cases of insider trading and market manipulation.



from Mashable https://ift.tt/p2Pr4Dl
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

The Nintendo Switch has been the US’s bestselling console for 23 straight months

By
Photo by James Bareham / The Verge It’s been a good two years for the Nintendo Switch. According to Nintendo, the gaming tablet has been the bestselling console in the US for 23 straight months. And according to data from the NPD Group, it just had its best October ever, moving 735,926 units of both the Switch and Switch Lite in the US. The company says that represents a 136 percent increase compared to last year. To date, the Switch has sold 22.5 million units in the US, and last week Nintendo revealed that more than 68 million units have been sold globally . “We’re excited about our momentum,” says Nick Chavez, Nintendo of America’s SVP of sales and marketing. Chavez puts the company’s big October down to two main factors. One is a better supply of stock; this year in particular, it’s often been hard to find a Switch on store shelves. This has only been exacerbated by increased demand due to a combination of the pandemic and the breakout success of Animal Crossing: New Horizons . ...
Post a Comment
Read more

Instagram accidentally reinstated Pornhub’s banned account

By
After years of on-and-off temporary suspensions, Instagram permanently banned Pornhub’s account in September. Then, for a short period of time this weekend, the account was reinstated. By Tuesday, it was permanently banned again. “This was done in error,” an Instagram spokesperson told TechCrunch. “As we’ve said previously, we permanently disabled this Instagram account for repeatedly violating our policies.” Instagram’s content guidelines prohibit  nudity and sexual solicitation . A Pornhub spokesperson told TechCrunch, though, that they believe the adult streaming platform’s account did not violate any guidelines. Instagram has not commented on the exact reasoning for the ban, or which policies the account violated. It’s worrying from a moderation perspective if a permanently banned Instagram account can accidentally get switched back on. Pornhub told TechCrunch that its account even received a notice from Instagram, stating that its ban had been a mistake (that message itse...
Post a Comment
Read more

MVP versus EVP: Is it time to introduce ethics into the agile startup model?

By
Anand Rao Contributor Share on Twitter Anand Rao is global head of AI at PwC . The rocket ship trajectory of a startup is well known: Get an idea, build a team and slap together a minimum viable product (MVP) that you can get in front of users. However, today’s startups need to reconsider the MVP model as artificial intelligence (AI) and machine learning (ML) become ubiquitous in tech products and the market grows increasingly conscious of the ethical implications of AI augmenting or replacing humans in the decision-making process. An MVP allows you to collect critical feedback from your target market that then informs the minimum development required to launch a product — creating a powerful feedback loop that drives today’s customer-led business. This lean, agile model has been extremely successful over the past two decades — launching thousands of successful startups, some of which have grown into billion-dollar companies. However, building high-performing product...
Post a Comment
Read more