FBI raids Polymarket CEO's apartment and seizes phone after platform predicted easy Trump win

Nov 14, 2024

FBI raids Polymarket CEO's home after platform predicts Trump win.

FBI raids Polymarket CEO's apartment and seizes phone after platform predicted easy Trump win

: The FBI raided Polymarket CEO Shayne Coplan's apartment, seizing his phone, following the platform's prediction of an easy Trump election win. The raid is viewed by some as politically motivated against Polymarket, aligning with accusations of market manipulation. Despite being based in New York, Polymarket had faced legal issues limiting US user participation. The company has significant investment backing and has previously resolved legal disputes.

The FBI executed a raid on Polymarket CEO Shayne Coplan's Manhattan apartment, seizing his electronic devices. This action followed the platform's accurate prediction of Donald Trump's electoral victory, ahead of traditional polls that showed a close race.

Critics suggest the raid was influenced by political motives, as Polymarket had overwhelmingly forecasted a Republican win. The platform faces accusations of market manipulation and wash trading, though it denies misconduct and emphasizes its non-partisan stance.

Despite headquartered in New York, Polymarket restricted US-based bets following a settlement with the CFTC. The company's operations, however, continue abroad with support from prominent investors like Peter Thiel, and it navigates ongoing legal challenges.