FBI raids the home of Polymarket CEO as part of investigation into the platform
The company claimed that the raid was in retaliation for Polymarket users betting ‘overwhelmingly’ in favor of President Donald Trump prior to the recent US election.
Key Points
- Federal law enforcement agents seized CEO Shayne Coplan’s phone and computers from his home in Downtown New York on November 13
- Coplan responded with a statement of his own on social media platform X, calling the raid “discouraging” by the current administration
On November 13, it was discovered that the FBI raided the home of Polymarket CEO Shayne Coplan as part of an investigation into the crypto betting platform. The raid included federal law enforcement agents seizing the 26-year-old’s phone and computers from his home in Downtown New York.
Polymarket responded by claiming the raid was in retaliation for its users betting in “overwhelming” support of President Donald Trump ahead of the recent US Presidential election. Coplan also made a statement of his own from his personal account on social media platform X.
“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 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.”
The Department of Justice is said to be investigating Polymarket for allegedly allowing US-based users to bet on the site.
While the company chose not to comment on those allegations, it did provide a statement on the action taken against Coplan, describing it as “obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election.”
Good to know: On November 5, bet365’s Steve Freeth projected President Trump to win the election at -175 odds, while Vice President Harris was listed at +150
In the build-up to the 2024 US Presidential election, Polymarket gained attention for the way it placed President Trump’s odds so highly above those of Vice President Harris, despite public opinion having the race closer to 50/50.
The crypto betting site does not currently allow trading in the US, but also faces scrutiny after a “mystery French trader” won more than $46m in profit after placing over $50m in bets on President Trump to win.
Polymarket stated that Coplan has not been arrested or taken into custody as of now, but the FBI, Department of Justice and White House have all declined comment on the matter.
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