Today, FBI agents raided the home of Shayne Coplan, CEO of Polymarket, a decentralized prediction platform, the New York Post reports. The raid occurred at 6:00 a.m. in New York, when Coplan was awakened by federal agents who demanded he hand over his phone and electronic devices.
According to a close contact, Coplan apparently confirmed the breach of his account on the X platform, mentioning that he now uses a new phone following the incident. This same source described the situation as “a big political theater,” implying that the government could be building a case of market manipulation and poll rigging in favor of Donald Trump.
Context and reactions
The operation comes just a week after Trump’s landslide victory in the US presidential election. Polymarket had seen a significant influx of bets, with a volume of $3.7 billion on the “2024 Presidential Election Winner” market, leading some critics to question the platform’s influence.
Although gambling is banned for US residents, there are reports that some users have circumvented this restriction by using virtual private networks (VPNs). Despite the scale of the operation, the FBI did not arrest Coplan, suggesting that the investigation is still in its early stages.
The incident has reignited the debate over prediction betting platforms and their potential impact on political outcomes. The case also highlights the legal and regulatory complexities around decentralized prediction markets and the ease with which US citizens can circumvent restrictions through technology.