Who is Shayne Coplan? Polymarket CEO’s house raided by FBI after betting platform predicts Trump win
The FBI raided the house of Shayne Coplan, the CEO of Polymarket, a prediction market platform that accurately predicted Donald Trump's win.
The FBI raided the house of Shayne Coplan, the CEO of Polymarket, a prediction market platform that accurately predicted Donald Trump's win in the presidential election.
During the operation, the law enforcement agency confiscated Coplan's phone and other electronic equipment. However, no arrest was made.
Polymarket confirmed the incident after New York Post's report.
What was the reason behind raid? FBI stays mum as Musk reacts
According to the Post, the FBI did not give Coplan, 26, a reason for an early morning raid, but the agents asked him to submit his phone and other personal devices.
A source close to Coplan claimed that the move might have political motivations because Polymarket's market forecasts differed from conventional surveys, which indicated that Trump's win over Vice President Kamala Harris.
Meanwhile, Brian Armstrong, the CEO of Coinbase, condemned the law enforcement move and claimed on X that it will eventually strengthen Polymarket.
Elon Musk, the richest man in the world, also denounced the event, saying: “This seems messed up.”
‘It’s discouraging', says Shayne Coplan after FBI raid
The source conjectured that the government may attempt to accuse Polymarket of manipulating the market to benefit Trump. Nonetheless, a representative for Polymarket called the platform “fully transparent prediction market,” adding that it “allows worldwide observers to analyze data as a public resource” and it “charges no fees, and takes no trading positions.”
Coplan, who was neither arrested nor charged, responded to X in jest, saying, “New phone, who dis?”
The search follows Coplan's recent announcement that Polymarket intends to resume US operations. Prior to election day, Harris had a 41.4% chance of winning, while Trump had a 58.6% chance, as per Polymarket.
According to Forbes, billionaire Trump backer Peter Thiel has also made significant investments in Polymarket, raising over USD 70 million.
Polymarket was forced to suspend US trading in 2022 and pay the Commodity Futures Trading Commission a USD 1.4 million fine for engaging in unregistered activities.