The FBI has raided the home of Polymarket chief executive Shayne Coplan as part of an investigation into the crypto betting platform.
Federal law enforcement agents seized the 26-year-old CEO’s phone and computers from his home in downtown New York on Wednesday, in what the company claims is retaliation for its users betting overwhelmingly in favor of Donald Trump in the recent election.
“It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents,” Coplan wrote on X.
“We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting and recognize that taking a more pro-business, pro-startup approach may be what would have changed their fate this election.”
The Department of Justice is reportedly investigating Polymarket for allegedly allowing U.S.-based users to bet on the site. Polymarket declined to comment on those allegations but a spokesperson said the FBI raid was “obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election.”
The company said Coplan had not been arrested or taken into custody. The FBI declined to comment. The Department of Justice and the White House did not respond to requests for comment on the raid.
In the run-up to the presidential election, the site gained widespread attention for the way it placed Trump’s odds high above those of Harris, when opinion polls had for months shown the race in a dead heat.
Polymarket, which does not allow trading in the U.S., also gained scrutiny after a mystery French trader, known as the Polymarket whale, made large bets on Trump winning the election.
The unknown gambler walked away with more than $46 million in profit after placing more than $50 million of bets on Trump winning the election.
Some feared that the large bets artificially inflated Trump’s odds of winning on the platform, which regulators warned could pose a threat to electoral integrity.
Additional reporting from agencies
Source: independent.co.uk