On November 13, 2024, FBI agents raided the New York home of Polymarket CEO Shayne Coplan, seizing his phone and electronics.
Raid at Shayne Coplan's Home
According to the New York Post, the raid took place early in the morning at 6:00 am Eastern Time, when Coplan was awakened by law enforcement officials demanding his devices. A Polymarket spokesperson confirmed the incident, describing the raid as 'obvious political retribution' by the outgoing Biden administration, accusing the platform of correctly predicting the 2024 U.S. presidential election.
Polymarket's Response
The spokesperson emphasized that Polymarket does not charge fees, take trading positions, or engage in market manipulation. They also stated that the platform aims to help people better understand global events by providing open access to data.
Implications for Polymarket
The FBI did not arrest Coplan, though some speculate the government may be investigating Polymarket for market manipulation or trying to influence political polls in favor of Donald Trump. This comes after Polymarket saw $3.7 billion worth of bets placed on the 2024 U.S. presidential election. Although U.S. residents are banned from placing bets on Polymarket, many have bypassed this restriction by using VPNs. Polymarket reportedly took steps to ensure that large bettors were based overseas, particularly during the election period. This raid follows a 2022 settlement between Polymarket and the U.S. Commodities Futures Trading Commission (CFTC), where the platform paid $1.4 million for offering unregistered event-based markets.
Despite these challenges, Polymarket remains committed to standing up for its community and continuing to provide a platform for open public discussion on global events.
