Early Wednesday morning, FBI agents conducted a raid on the Manhattan apartment of Shayne Coplan, the CEO of Polymarket, after the betting platform successfully predicted Donald Trump’s election win.
Coplan was woken by armed agents who demanded his cellphone and other devices, but he was not given a reason for the raid.
Sources suggest it may be politically motivated retribution related to the site’s predictions and allegations of market manipulation.
Coplan has not been arrested or charged with any crimes, and Polymarket maintains that it is a transparent prediction market.
The FBI has not publicly commented on the raid.
The source described the raid as “grand political theater at its worst” in a statement to the outlet. “They could have asked his lawyer for any of these things. Instead, they staged a so-called raid so they can leak it to the media and use it for obvious political reasons.”
A Polymarket spokesperson said, “Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections,” the spokesperson said.
“We charge no fees, take no trading positions, and allow observers from around the world to analyze all market data as a public good.”
