House panel expands insider-trading probe to three platforms

The House Oversight and Government Reform Committee has expanded its insider-trading investigation to Hyperliquid, Crypto.com and PredictIt. Chairman James Comer sent letters to the companies on Sept. 29, giving them until Oct. 13 to respond.

The requests seek information on know-your-customer procedures, geographic restrictions and systems for identifying and reporting suspicious trades. The committee also requested records involving event contracts linked to Federal Reserve decisions, elections and geopolitical events.

The letter to Hyperliquid focused on a leveraged short position of about $1.1 billion across Bitcoin and Ether perpetual contracts. According to the committee, the position was opened about 30 hours before President Donald Trump announced China tariffs in October 2025 and closed soon afterward for a profit of more than $150 million.

Comer described the trade as “precisely timed to a nonpublic government decision.” He wrote that the position was placed on a platform with “apparently no identity verification or mechanism to refer the responsible party to U.S. law enforcement.” The committee did not allege that the trader had access to nonpublic information. Hyperliquid had not publicly responded to the request.

The committee asked Crypto.com for information about employees who may have access to confidential information and about the company’s North American derivatives business. Its letter to Aristotle Exchange, which operates PredictIt, seeks records on user verification and controls for identifying trades based on inside information.

The requests do not accuse Hyperliquid, Crypto.com or PredictIt of wrongdoing. They follow letters sent to Polymarket and Kalshi on May 22. Those inquiries have produced nearly 1,000 documents and five briefings, according to the committee.

The investigation received additional attention after the April indictment of Army Master Sergeant Gannon Ken Van Dyke. Prosecutors allege that Van Dyke used classified information about Operation Absolute Resolve, the U.S. operation that led to the capture of Venezuelan President Nicolás Maduro, to place bets on Polymarket that generated more than $409,000.