Founder of betting market alleges FBI raid linked to Trump connection
Federal law enforcement has conducted a search at the residence of the founder of a cryptocurrency betting platform in connection with an ongoing investigation. Read Full Article at RT.com
TroibNews 
Polymarket’s Shayne Coplan believes the recent actions taken against him were politically motivated by Democrats following the US election.
Reports indicate that the FBI executed a raid on the home of Shayne Coplan, the chief executive and founder of the betting platform Polymarket, seizing his electronic devices. The company contends that this raid was a response to an overwhelming number of bets placed by its users forecasting a Donald Trump victory in the US presidential election.
The early Wednesday morning raid in New York involved federal law enforcement agents confiscating the 26-year-old CEO’s phone and computers as part of an ongoing inquiry into the crypto betting platform. According to Polymarket, Coplan was not taken into custody during this incident.
While a specific reason for the raid has not been released to the public, some experts have speculated that the investigation may center on allegations of market manipulation or attempts to sway political polls in Trump’s favor.
However, Polymarket has asserted that the investigation represents “obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election,” as reported by a source to the New York Post.
This scrutiny follows a significant level of activity on Polymarket, where $3.7 billion in bets were placed regarding the 2024 US presidential election. The offshore crypto gambling platform offered odds indicating a stronger likelihood of Trump winning compared to Vice President Kamala Harris, which stood in stark contrast to many mainstream polls.
In a post on X, Coplan criticized the outgoing administration under President Joe Biden for what he described as a “last-ditch effort to go after companies they deem to be associated with political opponents.”
He added, “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.”
Media reports reveal that the Department of Justice is looking into Polymarket for allegedly permitting US-based traders to place bets on its platform. The company is bound by a 2022 agreement with the Commodity Futures Trading Commission to prevent US-based users from engaging in transactions on its platform.
In response to the situation, Polymarket stated, “Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections.”
The platform experienced a surge in popularity leading up to the election and drew further attention after a French trader reportedly earned $85 million from substantial wagers on Trump emerging victorious.
Thomas Evans contributed to this report for TROIB News
Reports indicate that the FBI executed a raid on the home of Shayne Coplan, the chief executive and founder of the betting platform Polymarket, seizing his electronic devices. The company contends that this raid was a response to an overwhelming number of bets placed by its users forecasting a Donald Trump victory in the US presidential election.
The early Wednesday morning raid in New York involved federal law enforcement agents confiscating the 26-year-old CEO’s phone and computers as part of an ongoing inquiry into the crypto betting platform. According to Polymarket, Coplan was not taken into custody during this incident.
While a specific reason for the raid has not been released to the public, some experts have speculated that the investigation may center on allegations of market manipulation or attempts to sway political polls in Trump’s favor.
However, Polymarket has asserted that the investigation represents “obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election,” as reported by a source to the New York Post.
This scrutiny follows a significant level of activity on Polymarket, where $3.7 billion in bets were placed regarding the 2024 US presidential election. The offshore crypto gambling platform offered odds indicating a stronger likelihood of Trump winning compared to Vice President Kamala Harris, which stood in stark contrast to many mainstream polls.
In a post on X, Coplan criticized the outgoing administration under President Joe Biden for what he described as a “last-ditch effort to go after companies they deem to be associated with political opponents.”
He added, “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.”
Media reports reveal that the Department of Justice is looking into Polymarket for allegedly permitting US-based traders to place bets on its platform. The company is bound by a 2022 agreement with the Commodity Futures Trading Commission to prevent US-based users from engaging in transactions on its platform.
In response to the situation, Polymarket stated, “Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections.”
The platform experienced a surge in popularity leading up to the election and drew further attention after a French trader reportedly earned $85 million from substantial wagers on Trump emerging victorious.
Thomas Evans contributed to this report for TROIB News
