FBI Conducts Raid on Polymarket CEO Following Election Predictions

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by Giorgi Kostiuk

2 years ago

FBI conducted a raid and seized devices from Shayne Coplan, CEO of Polymarket, following users' correct prediction of Donald Trump's victory.

Raid and Device Seizure

According to The New York Post, FBI agents seized Shayne Coplan's devices during a 6 AM search at his Soho residence on November 13. A source reported that Coplan was awakened by FBI agents but was not given reasons for the search.

Political Context

A week before the raid, user activity on Polymarket predicted Donald Trump's victory over Kamala Harris in the presidential election. Over $3 billion was traded on the platform to wager on the election's outcome, and the odds suggesting Trump's victory raised eyebrows in the U.S.

Reactions and Consequences

This event could indicate an inquiry into Polymarket's operations. The NYP source suggested that the investigation might extend to other industry players, such as Kalshi and Robinhood. Meanwhile, in France, the government threatened to ban the site due to similar situations in their elections.

The raid at Coplan's home increased scrutiny of Polymarket and its operations, drawing new attention to the issue of using platforms for political predictions.

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