FBI Searches Residence of Polymarket Founder
Federal law enforcement conducted a search at the residence of the founder of a cryptocurrency betting platform as part of an ongoing investigation. Read Full Article at RT.com.
TroibNews 
The FBI has conducted a raid on the home of Shayne Coplan, the CEO and founder of the betting platform Polymarket, reportedly confiscating his electronic devices, according to various media sources. Polymarket asserts that the raid was politically motivated, claiming it was retaliation by Democrats in response to the platform's users predominantly betting on a Donald Trump victory in the upcoming US presidential election.
In an early-morning operation on Wednesday, federal agents seized the 26-year-old CEO's phone and computers from his residence in New York City as part of an investigation concerning the crypto betting platform. Notably, Coplan was not taken into custody, as Polymarket confirmed.
While the exact reasons for the raid have not been publicly disclosed, some analysts speculate that US authorities might be probing Polymarket for potential market manipulation or attempts to sway political polling results in Trump's favor.
Nonetheless, Polymarket contends that the search was “obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election,” as relayed by a source to the New York Post.
This incident follows a reported $3.7 billion in bets made on the 2024 US presidential race through Polymarket. The offshore crypto gambling platform offered odds on Trump that were notably more favorable compared to those for Vice President Kamala Harris, indicating a divergence from most conventional polls.
In a post on X, Coplan accused Joe Biden's administration of pursuing a “last-ditch effort to go after companies they deem to be associated with political opponents.” He emphasized the company's commitment to non-partisanship while urging incumbents to reconsider their approach, stating, “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.”
According to reports, Polymarket is under investigation by the Department of Justice for allegedly permitting US-based traders to place bets on its platform. The company is obligated to prevent US users from betting, following a 2022 agreement with the Commodity Futures Trading Commission.
“Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections,” the company has stated.
Polymarket's popularity surged in the lead-up to the election, drawing increased scrutiny after it was reported that a French trader made $85 million from large wagers on Trump’s election victory.
Mark B Thomas contributed to this report for TROIB News
In an early-morning operation on Wednesday, federal agents seized the 26-year-old CEO's phone and computers from his residence in New York City as part of an investigation concerning the crypto betting platform. Notably, Coplan was not taken into custody, as Polymarket confirmed.
While the exact reasons for the raid have not been publicly disclosed, some analysts speculate that US authorities might be probing Polymarket for potential market manipulation or attempts to sway political polling results in Trump's favor.
Nonetheless, Polymarket contends that the search was “obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election,” as relayed by a source to the New York Post.
This incident follows a reported $3.7 billion in bets made on the 2024 US presidential race through Polymarket. The offshore crypto gambling platform offered odds on Trump that were notably more favorable compared to those for Vice President Kamala Harris, indicating a divergence from most conventional polls.
In a post on X, Coplan accused Joe Biden's administration of pursuing a “last-ditch effort to go after companies they deem to be associated with political opponents.” He emphasized the company's commitment to non-partisanship while urging incumbents to reconsider their approach, stating, “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.”
According to reports, Polymarket is under investigation by the Department of Justice for allegedly permitting US-based traders to place bets on its platform. The company is obligated to prevent US users from betting, following a 2022 agreement with the Commodity Futures Trading Commission.
“Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections,” the company has stated.
Polymarket's popularity surged in the lead-up to the election, drawing increased scrutiny after it was reported that a French trader made $85 million from large wagers on Trump’s election victory.
Mark B Thomas contributed to this report for TROIB News
