Polymarket CEO Shayne Coplan's Manhattan apartment was raided by the FBI, with agents seizing his phone and electronic devices. The raid occurred shortly after the platform accurately predicted the US presidential election outcome, outperforming traditional polls.

A company spokesperson confirmed the raid to Business Insider, characterizing it as "political retribution" for the platform's election predictions. Coplan, 26, hasn't been arrested and later posted "new phone, who dis?" on X.

The FBI's interest likely centers on investigating whether US citizens were able to speculate on the election through Polymarket, a decentralized prediction platform that officially blocks US users but might be accessible through VPNs. The platform processed approximately $3.2 billion in crypto-based election speculation globally.

Polymarket offers events contracts allowing users to bet on various outcomes, from Oscar winners to presidential elections. Currently, only one platform, Kalshi, legally offers such services in the US under CFTC regulation.

The investigation may also examine potential election influence concerns. Large bets can skew prediction markets, potentially affecting voter turnout and campaign morale. Notable during this election cycle was a French trader dubbed the "Trump Whale," who won $85 million backing Donald Trump.

The trader claimed political neutrality in a Wall Street Journal interview, stating private polling revealed overestimated support for Kamala Harris. The FBI may be verifying these claims as part of their investigation.

Related Articles

Previous Articles