On November 13, U.S. Federal Bureau of Investigation (FBI) agents conducted a search at the New York City residence of Polymarket CEO Shayne Coplan, confiscating his electronic devices, including his phone.
According to a report by the New York Post, Coplan was awakened around 6:00 a.m. Eastern Time by federal authorities who requested that he turn over his electronic equipment. A source close to the situation claimed that the search was unexpected and executed without prior warning.
A representative from Polymarket, a popular online prediction market platform, confirmed the incident in a statement, describing the raid as “a clear case of political retaliation” allegedly aimed at Polymarket by the outgoing Biden administration. The spokesperson stated, “Our platform allows users to freely analyze market data and understand world events, without charging fees or taking trading positions.” They further expressed confidence in defending the platform and its users.
The New York Post reported that Coplan was not detained during the search.
An individual familiar with the matter suggested the raid was a dramatic, unnecessary display, stating that authorities could have made a simple request through legal channels. “They orchestrated this so-called raid to publicize it, likely with a political agenda,” the source said, adding that there is speculation the government may be attempting to gather evidence to accuse Polymarket of manipulating markets and possibly influencing outcomes in favor of Trump.
The incident followed the U.S. presidential election, where Republican candidate Donald Trump was declared the winner. Polymarket’s platform attracted significant attention during this period, with over $3.7 billion in bets placed on the 2024 election outcome, sparking criticism regarding the platform’s potential impact on public sentiment.
Though the platform restricts U.S. users from betting, some have bypassed this restriction using virtual private networks (VPNs). Polymarket was reportedly verifying that large bets placed in the lead-up to the election originated from overseas users.
In an earlier development, Polymarket had reached a $1.4 million settlement with the U.S. Commodity Futures Trading Commission (CFTC) in January 2022. The settlement resolved charges that the platform had been offering binary event markets without proper registration, having operated over 900 such markets before settling with the regulator.
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