Thu Nov 14 03:05:43 UTC 2024: ## FBI Raids Home of Polymarket CEO, Accusations of Political Targeting Fly
**New York, NY** – In a move that has sparked outrage and accusations of political targeting, the Federal Bureau of Investigation (FBI) executed a search warrant at the Manhattan home of Shayne Coplan, CEO of Polymarket, a betting platform known for its controversial predictions during the 2020 presidential election.
The raid, which occurred early Wednesday morning, saw federal agents rouse Coplan from his sleep and demand his phone and other electronic devices. Coplan, in a post on X, accused the outgoing Biden administration of “making a last-ditch effort to go after companies they deem to be associated with political opponents.”
“We are deeply committed to being non-partisan, and today is no different,” Coplan stated, adding that the platform provided “value” to millions during the election campaign.
The raid drew immediate criticism from prominent figures in the tech world, including Brian Armstrong, CEO of Coinbase, who called it “messed up” and predicted it would backfire. Elon Musk, who is set to co-lead a Department of Government Efficiency in the incoming Trump administration, also expressed concern.
Polymarket, founded in 2020, allows users to bet on a range of events, from election outcomes to sporting events. It gained notoriety for its prediction model which favored Donald Trump to win the 2020 election, despite mainstream polls showing a tight race.
The platform faced legal action in 2022 after failing to register with the Commodity Futures Trading Commission, prompting them to block US users.
The FBI has not yet commented on the raid.
This incident has ignited a debate about the relationship between technology and politics, raising questions about the role of the government in regulating online platforms, and the potential for political influence in the investigation and prosecution of individuals and businesses.
First Piper 