FBI raids home of crypto platform Polymarket CEO, after accurate prediction of Trump win

FBI raids home of crypto platform Polymarket CEO, after accurate prediction of Trump win

The Federal Bureau of Investigation on Wednesday carried out a raid at the home of Shayne Coplan, CEO of cryptocurrency prediction outlet Polymarket.

Authorities seized Mr Coplan’s phone during the raid, according to New York Post which first reported the incident.

Mr Coplan, 26, has been running the famous platform for bets throughout the 2024 presidential election in the United States.

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It wasn’t immediately clear why the search was conducted, but Polymarket promptly said it might be due to its activities during the election. Users on the platform had correctly predicted Donald Trump was going to defeat Kamala Harris. The company paid out a substantial amount to winners following the election.

“This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election,” a spokesperson for Polymarket said in a statement from its headquarters in New York.  “Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections.”

It was unclear whether or not the FBI would be filing charges after the raid.

FBI raids home of crypto platform Polymarket CEO, after accurate prediction of Trump win