What is "intrade"

Intrade.com was a web-based trading exchange whose members "traded" contracts between each other on the probabilities of various events occurring. After having been forced to exclude US traders in 2012, on 10 March 2013 Intrade suspended all trading, citing possible "financial irregularities". For a time after the suspension, the intrade.com website stated that they were working on a relaunch of the site, called "Intrade 2.0", but as of August 2014 it states that "It appears very unlikely now that Intrade will resume trading services in the way it had operated previously", and has announced plans to close all accounts and refund monies by 31 December 2014.