FBI agents raided the Manhattan apartment of Polymarket CEO Shayne Coplan, seizing his phone and other electronic devices, just days after the platform accurately predicted Donald Trump’s election victory.
Is this political?
At a Glance
- FBI raided Polymarket CEO Shayne Coplan’s Soho apartment on November 13
- Agents seized Coplan’s cellphone and other electronic devices
- Raid followed Polymarket’s successful prediction of Trump’s election win
- Polymarket handled over $3.6 billion in bets on the presidential election
- Coplan claims the raid is politically motivated by the Biden administration
FBI Raid on Polymarket CEO
In a startling development, FBI agents conducted an early morning raid on the Manhattan residence of Shayne Coplan, the 26-year-old CEO of Polymarket, a controversial election betting platform. The raid, which took place on November 13 at 6 a.m., saw federal agents demanding that Coplan turn over his phone and other electronic devices.
The timing of the raid has raised eyebrows, coming just days after Polymarket’s markets controversially predicted Donald Trump’s win in the presidential election. The platform reportedly handled over $3.6 billion in bets on the election outcome, a figure that underscores the significant role Polymarket played in this year’s electoral landscape.
NEW: FBI seizes a cellphone and other electronic devices of betting site Polymarket’s CEO in a raid on his New York City apartment, a source says.
The source adds it’s not clear if the CEO or Polymarket are targets of an investigation. https://t.co/mN0mOdCRSr
— NBC News (@NBCNews) November 14, 2024
Legal Implications and Regulatory Scrutiny
The FBI’s action against Coplan and Polymarket raises serious questions about the legality of election betting operations in the United States. While U.S. election betting has become legal in some cases, Polymarket was not supposed to allow U.S. users after a 2022 halt order from the Commodity Futures Trading Commission (CFTC).
“FBI agents raided the Manhattan apartment of Polymarket CEO Shayne Coplan on Nov. 13 — just a week after the election betting platform accurately predicted Donald Trump’s stunning victory,” the New York Post reported.
It remains unclear whether Coplan or Polymarket are the targets of a specific investigation. The U.S. Attorney’s Office in the Southern District of New York has declined to comment on the matter, adding to the speculation surrounding the raid’s purpose and implications.
In the wake of the raid, Coplan has not been arrested or charged with any crime. However, he has been vocal about his perspective on the situation, framing it as a politically motivated action by the outgoing administration.
“It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents. Polymarket has provided value to 10’s of millions of people this election cycle, while causing harm to nobody,” Shayne Coplan said.
Polymarket, founded by Coplan in 2020, has faced scrutiny for its election betting markets. However, the company defends itself as a nonpartisan, transparent prediction market. A spokesperson for Polymarket echoed Coplan’s sentiments, describing the raid as “obvious political retribution” and emphasizing the platform’s role in helping people understand important world events.
As the story continues to unfold, the raid on Polymarket’s CEO has ignited a debate about whether or not he is being targeted strictly for political reasons. What do you say?
