Fri Nov 15 14:40:00 UTC 2024: ## FBI Raids Home of Polymarket CEO Amidst Election Betting Market Scrutiny

**New York City** – The FBI raided the New York City apartment of Shayne Coplan, CEO of the prediction market platform Polymarket, early Wednesday morning, seizing his cellphone and other electronic devices. While Coplan has not been arrested or charged, the raid follows intense scrutiny surrounding the site’s controversial election betting markets, which correctly predicted Donald Trump’s victory in the 2024 presidential election despite polls indicating a tight race.

Coplan, 26, was present during the raid and voluntarily surrendered his devices to authorities. He has since taken to social media, posting “New phone, who dis?” in response to the incident.

Polymarket, founded in 2020, has drawn significant attention for its election betting markets, which attracted over $3.6 billion in wagers during the 2024 presidential election. The company has faced questions about the identities of major bettors and whether the odds and the existence of these markets could have influenced voter behavior.

While U.S. election betting is now legal in certain circumstances, Polymarket is prohibited from operating in the U.S. following a cease-and-desist order from the Commodity Futures Trading Commission in 2022. However, the site’s user base primarily operates through cryptocurrency, enabling anonymous participation.

Coplan maintains that Polymarket is “nonpartisan” and blames the Biden administration for the raid, alleging it is a “last-ditch effort” to target companies associated with political opponents. He claims that the platform has provided value to millions of users and caused no harm.

A Polymarket spokesperson echoed this sentiment, calling the raid “obvious political retribution” and highlighting the site’s transparency and public good mission. The spokesperson emphasized that Polymarket doesn’t charge fees or take trading positions, allowing users to freely analyze market data.

The U.S. Attorney’s Office for the Southern District of New York has declined to comment on the raid, leaving the investigation’s nature and targets shrouded in mystery.

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