The FBI reportedly raided the apartment of Shayne Coplan, CEO of the election-betting company Polymarket, after the company predicted that Donald Trump would win the 2024 Presidential Election.
According to The New York Post, the FBI conducted the raid at 6 a.m., demanding that Coplan hand over his phone and other electronic devices.
A source familiar with the matter told the outlet that the raid was “grand political theater at its worst.” They added that the FBI “could have asked his lawyer for any of these things. Instead, they staged a so-called raid so they can leak it to the media and use it for obvious political reasons.”
A Polymarket spokesperson told The Post that Coplan was not arrested and has not been charged.
“Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections,” the spokesperson said. “We charge no fees, take no trading positions, and allow observers from around the world to analyze all market data as a public good.”
Using a new phone, Coplan wrote on X, “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. 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.”
“Polymarket has provided value to 10’s of millions of people this election cycle, while causing harm to nobody. We’re deeply proud of that,” he continued. “I’m also proud to say that the future of America, and in particular American entrepreneurship, has never been brighter. In the face of adversity, we build.”
The morning before Election Day, Polymarket showed Trump’s chance of winning was 58.6%, while Vice President Kamala Harris’ chance was 41.4%.
The platform paid a $1.4 million penalty in 2022 after it failed to register with the Commodity Futures Trading Commission. Polymarket has since only operated outside of the U.S.
