🚨 Polymarket under investigation by the US Department of Justice

Polymarket, a crypto prediction platform, is facing an investigation by the US Department of Justice (DOJ) for allegedly allowing US users to trade on the platform, violating previous commitments - Bloomberg

The FBI has raided the home of Polymarket CEO Shayne Coplan and seized his electronic devices. The move marks an escalation in the investigation, especially since Polymarket previously paid a $1.4M fine and agreed with the CFTC in 2022 to block US users.

The investigation broke out when many Whales made large trades betting on Mr. Trump's victory, raising suspicions that this could be market manipulation by influencing public perception.

In response, Polymarket vowed to protect the community to the end and claimed that the FBI investigation was politically motivated. They claim the platform is a transparent prediction market, helping users better understand important events like elections.