According to Decrypt, Shayne Coplan, CEO of Polymarket, was subjected to a law enforcement raid on Wednesday, as confirmed by the company. The raid, which took place in Manhattan, New York, involved the seizure of Coplan's phone and electronics. The company described the incident as an act of "political retribution," following Polymarket's accurate prediction of the 2024 presidential election outcome, where bettors on the platform foresaw a victory for Republican Donald Trump.
The New York Post initially reported the raid, noting that FBI agents were involved, although no specific reason for the raid was provided. Despite the seizure of his electronics, the 26-year-old CEO was not arrested. A spokesperson for Polymarket emphasized the platform's transparency, stating that it serves as a prediction market to help individuals gain insights into significant events. The platform claims to operate without charging fees or taking trading positions, allowing global observers to analyze market data as a public resource.
This story is developing, and further details are expected to emerge as the situation unfolds.