Intrade, the "prediction market" that let users wager on the outcomes of everything from presidential elections to air strikes, is shutting down all trading. The news was first reported on Wealth.net, and contradicts earlier statements from the company that it would continue to operate following a November lawsuit from the US Commodity Futures Trading Commission. In the suit, the CFTC alleged that Intrade was effectively buying and selling commodity options, in violation of its ban on off-exchange trading.

According to a press release, Ireland-based Intrade is shuttering immediately, stopping all trading and settling all open positions due to "circumstances recently discovered" which "may include financial irregularities." Intrade isn’t ruling out a return to business — it’s going to determine the appropriate course of action in the coming weeks — but the release doesn’t sound very encouraging.