Federal agents seized the phone and other electronic devices of Shayne Coplan, CEO of Polymarket, on Wednesday (13).
The move comes shortly after the election betting platform correctly predicted President-elect Donald Trump's victory, beating traditional polls.
Polymarket CEO may face election rigging charges
Bailiffs arrived at Coplan's Soho residence at 6 a.m., demanding access to his devices, according to the New York Post. The 26-year-old entrepreneur was not given a specific reason for the seizure.
Additionally, multiple sources close to Coplan claim that the incident is politically motivated. Polymarket is seeing it as retaliation for the platform’s accurate forecast, which diverged from traditional polls.
The government reportedly suspects market manipulation favoring Trump. Polymarket, a transparent prediction market that charges no fees, denies any wrongdoing,” wrote journalist Mario Nawfal on X (formerly Twitter).
Speculation points to possible accusations of market manipulation, although no charges have been formalized and the CEO of Polymarket has not been detained.
Read more: Polymarket – complete guide to the prediction and betting platform
Crypto betting has seen a significant surge in user interest and engagement ahead of the 2024 US election. Polymarket’s trading volume surpassed $3 billion ahead of November 5, with Trump having a 58.3% probability of winning.
One high-profile account, “Theo4,” reportedly made $20.4 million from pro-Trump bets. In total, three major traders collectively made $47 million by correctly predicting the president’s reelection.
Polymarket odds throughout the US election season. Source: Polymarket
Major regulatory challenges ahead
Additionally, France’s National Gaming Authority (ANJ) is considering blocking Polymarket’s services. The regulator could target the platform’s dominance or pressure third parties, such as media outlets, to restrict access.
Still, Polymarket plans to expand its operations. The company is exploring the launch of a token. It is exploring different strategies to maintain high trading activity beyond the election period.
Following the FBI's actions earlier today, Polymarket could face intense regulatory scrutiny in the coming months before the new president takes over the White House.
The article FBI seizes electronics from Polymarket CEO appeared first on BeInCrypto Brasil.
