Polymarket CEO Raided by FBI After Donald Trump’s Win, Company Claims
FBI Goes After Polymarket CEO Shayne Coplan
Polymarket boss Shayne Coplan was targeted by the FBI on Wednesday, with his phone and other gadgets confiscated, the firm has said. According to the company’s spokesman, law enforcement is going after Coplan because Polymarket accurately called the US presidential election, in which Republican candidate Donald Trump emerged as the winner.
The New York Post was the first media house to report the raid conducted in Manhattan, New York. The firm said FBI agents seized Coplan’s electronics without providing a reason, but they did not arrest the 26-year-old CEO.
A few hours after the New York Post had shared the news, Coplan tweeted, ‘New phone, who dis,’ confirming the media house’s report.
Polymarket spokesman insists that the CEO is innocent, arguing that the decentralized prediction market is fully transparent, allowing anyone across the globe to analyze market data. Furthermore, they reveal that Coplan doesn’t take trading positions.
Kamala Harris Supporters Disregard Polls on Polymarket
A few months before last week’s elections, Polymarket and other leading prediction markets showed that the president-elect Donald Trump was ahead of Kamala Harris in the race. At the time, Harris’ supporters, including billionaire Mark Cuban, dismissed the odds on those platforms, claiming that they were only influenced by foreigners.
Now, Coplan says the current US government is targeting him because it believes Polymarket has a close association with Trump and played a key role in influencing the recently concluded elections. He, however, reveals that his decentralized prediction market has no connections with any political figure and is committed to being non-partisan.
Justice Department to Investigate Polymarket, Bloomberg Says
Meanwhile, Bloomberg reports that the US Justice Department plans to investigate Polymarket for letting American residents access the platform. In 2022, the prediction market was ordered to halt its operations in the United States as part of its settlement with the CTFC (Commodity Futures Trading Commission) for failing to register with the regulator. However, recent reports suggest US citizens still access Polymarket using a VPN (Virtual Private Network).
While it remains unclear if law enforcement will level charges against Polymarket and Coplan, the firm spokesperson says they are prepared to defend themselves.
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