'Obvious political retribution': FBI raids Polymarket CEO's home days after platform predicted Trump's win

FBI agents reportedly raided the Soho, New York apartment of Polymarket’s 26-year-old CEO and founder, Shayne Coplan, early on Wednesday (Nov 13) morning, confiscating electronic devices.

According to Axios and the New York Post, the raid occurred mere days after Coplan’s prediction platform forecasta Donald Trump win in the 2024 US presidential election—significantly ahead of most national polls.

A source told the New York Post that FBI agents arrived at Coplan’s residence around 6:00 am, insisting on access to his phone and other devices. It has not been confirmed whether Coplan or Polymarket is the focus of an ongoing inquiry.

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Why was the raid conducted?

A Polymarket spokesperson speculated that the raid might have been politically motivated, calling it “obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election” aimed at Polymarket for predicting the 2024 election results.

“Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections,” they told Axios.

Shayne Coplan slams Biden administration

Slamming the incumbent President Joe Biden administration, Coplan, on X, said: “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.”

“We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting and recognise that taking a more pro-business, pro-startup approach may be what would have changed their fate this election,” he added.

What is Polymarket?

Polymarket, which Coplan launched in 2020 after leaving NYU, operates as a blockchain-based prediction market that allows users to wager on topics ranging from politics to entertainment by buying and selling outcome-based shares.

According to Forbes, this year alone, Polymarket has processed over $3 billion in trading volume. The platform uses a network called Polygon. Earlier, the platform only allowed users to place US Dollars-based wagers in the form of stablecoin USDC, but recently expanded payment options to include debit and credit cards.

“Polymarket effectively takes what otherwise would be an Internet yelling match and turns that into a market where the person who's right wins,” Coplan shared in an August interview with Forbes.

The company has raised $74 million from high-profile investors, including Peter Thiel's Founders Fund and Ethereum co-founder Vitalik Buterin. Its advisory board boasts former CFTC chairman Chris Giancarlo and forecasting expert Nate Silver.

(With inputs from agencies)