The FBI reportedly raided the Manhattan apartment of Shayne Coplan, the CEO of betting platform Polymarket, early Wednesday after his company’s odds predicted Republican President-elect Donald Trump’s win.
Several law enforcement agents descended on 26-year-old Coplan’s New York City residence and rousted him awake at 6 a.m. before demanding he hand over his phone and other electronic devices, the New York Post learned from a source familiar with the incident.
The FBI did not immediately respond to the Caller’s request for comment.
FBI seizes Polymarket CEO’s phone, electronics after betting platform predicts Trump win: source https://t.co/c0fkO9F1Oa pic.twitter.com/Kh2o3ejH5l
— New York Post (@nypost) November 13, 2024
The source called the raid “political theater at its worst,” according to the outlet.
“They 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,” the source said.
Coplan was not arrested or charged with a crime, a Polymarket spokesperson told the New York Post.
“Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections,” a company representative 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.”
The reason for the purported raid is currently unknown, but a source told the outlet “political retribution” from the outgoing Biden-Harris administration was the cause. (RELATED: Feds Raid Home Of Trump-Supporting Farmer, Businessman Alfie Oakes)
Coplan posted on social media around 4 p.m. on Wednesday, writing “new phone, who dis?” The Polymarket CEO then blasted the Biden-Harris administration for what he says was its “last-ditch effort” to go after companies associated with their political enemies.
new phone, who dis?
— Shayne Coplan 🦅 (@shayne_coplan) November 13, 2024
“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,” Coplan wrote. “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.”
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…
— Shayne Coplan 🦅 (@shayne_coplan) November 13, 2024
“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,” the Polymarket CEO 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,” he added.
The morning before Election Day, Polymarket showed Trump with a 58.6% chance of winning, according to the New York Post. Meanwhile, Vice President Kamala Harris’s odds trailed behind at 41.1%.
