Polymarket has confirmed that its CEO, Shayne Coplan, was the target of a raid conducted by law enforcement on Wednesday. During the raid, which took place in Manhattan, Coplan‘s phone and electronic devices were seized, though he was not arrested. Coplan’s team claims he is a victim of “political retaliation.”
A spokesperson alleged that Polymarket “accurately predicted the 2024 presidential election,” as bettors on the platform correctly forecast Republican Donald Trumps victory in the White House. The spokesperson further suggested this accuracy may have led to Coplan being targeted.
The New York Post first reported the raid, noting that FBI agents executed the operation without providing any explanation for their actions.
“Polymarket is a fully transparent prediction market that helps people better understand the events that matter most to them,” the spokesperson said. “We charge no fees, conduct no trading, and allow observers from around the globe to analyze market data as a public resource.”
While polls before Election Day described the U.S. presidential race as too close to call, Polymarket and other prediction markets favored the eventual winner, Donald Trump, over Vice President Kamala Harris. Following Trump‘s overwhelming victory, some in the industry lauded Polymarket’s accuracy as a “crystal ball moment,” while critics speculated that foreign funds might have influenced the platforms odds.
Polymarket is officially banned in the U.S. Following a $1.2 million settlement with the Commodity Futures Trading Commission (CFTC) in 2022 for failing to register with the regulator, the platform ceased U.S. operations. However, Americans can still access Polymarket through virtual private networks (VPNs).