Kalsi logo placed on a laptop on Monday, February 10, 2025 in New York, USA.
Gabby Jones Bloomberg | Getty Images
Nearly half of Carsi’s user base experienced glitches and delays Saturday during college football games, a major source of transactions, with some saying they were temporarily unable to process orders.
In a message sent to users obtained by CNBC, the prediction market service website apologized for the inconvenience and said it was “looking into” the issues traders were experiencing.
“The exchange is experiencing a temporary delay,” the message read. Balances and positions may not be accurately reflected at this time.
One user shared screen recordings and screenshots with CNBC that show they are unable to check their balance or stakes while the issue persists.
Many X users reported that the website went down when they tried to bet on college football games, and some said they had backlogs of orders that could not be fulfilled. When CNBC went to the website, it wouldn’t load, showing only a green K and a spinning circle around it for more than 20 minutes. The platform will be loaded later.
“Earlier today, we experienced a minor issue with Karshi that temporarily affected the experience of some users. There were no exchange outages, no funds were affected, and the issue has now been resolved,” the company said in a statement.
Earlier, a spokesperson denied there had been a glitch, saying the exchange had “never ceased to function properly”. He added that clearing, advanced trading, and institutional trading are not affected.
“There were several defects and delays in our web and app products that affected less than half of our user base,” a spokesperson said.
A little more than a week ago, Kalsi announced a $300 million Series D funding round, valuing the company at $5 billion, more than double its $2 billion valuation in June after its Series C round.
The round was co-led by Andreessen Horowitz (a16z) and Sequoia Capital, with participation from Paradigm. Additional backers include Coinbase Ventures, General Catalyst, Spark Capital, and CapitalG.
Founded in 2018, the company has become known for offering bettors the ability to trade on a wide range of real-world events, from football games to who President Donald Trump will pardon this year.
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