The FBI raided Shayne Coplan’s New York residence to seize his devices as it looks to bring an enforcement action against Polymarket.
The Federal Bureau of Investigation (FBI) raided Polymarket CEO Shayne Coplan’s house on the morning of November 13. In the process, Coplan’s phone and electronics were seized by the agency. The raid occurred at around 6 AM Eastern Time, as the Polymarket executive was awoken by officials demanding him to hand over his gadgets.
His SoHo, New York apartment getting raided comes shortly after Donald Trump secured victory against opponent Kamala Harris. Polymarket has been a news staple through the election cycle as the platform—a decentralized predictions platform—offered contracts revolving around the US elections. The biggest one, with the most value betted, was the contract predicting the winner of the election, with Polymarket placing Trump at higher odds than Harris throughout the campaign cycle.
Coplan Was Not Arrested
While Coplan, the 26-year-old individual behind the marketplace, had to be at the mercy of law enforcement officials, a Reuters report announced that he was not taken into custody. Another report from CNBC mentioned that this was the Democratic government attacking the platform and its CEO for favoring Trump throughout. The source said CNBC it was “obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election.”
Meanwhile, Coplan wrote about the incident on X, providing his opinion firsthand to the crypto community. “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,” he said. “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.”
Coplan also implied his satisfaction with Trump’s victory. “I’m also proud to say that the future of America, and in particular American entrepreneurship, has never been brighter.”
The FBI has turned its sights to Polymarket to hold it accountable due to its belief that US residents placed bets on the platform. While the decentralized marketplace is based out of New York, it offers services to users in other countries only. However, the FBI looks to prove that US users also got in on the action.
It looks like the platform may have friction overseas as well, as France wants to ban it from offering services within its borders. A pseudonymous French user placed $20 million worth of bets on Trump’s win across numerous accounts on Polymarket. With the Republican candidate winning with flying colors, the bettor drew about $50 million.
