After FBI agents raided the Manhattan residence of Polymarket CEO Shayne Coplan, confiscating his phone and electronic devices, he called out the ‘current’ Democrat government and asserted commitments to being ‘non-partisan’. The raid was carried out a week after Polymarket, a market betting platform, predicted Donald Trump’s victory in the US Presidential Elections 2024.
Shayne Coplan took to X to share, “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 recognize that taking a more pro-business, pro-startup approach may be what would have changed their fate this election. Polymarket has provided value to 10’s of millions of people this election cycle, while causing harm to nobody. We’re deeply proud of that. I’m also proud to say that the future of America, and in particular American entrepreneurship, has never been brighter.”
Elon Musk too agreed to his views and responded, “Indeed”.
Even though no formal charges have been filed against Coplan, insiders speculate the raid may have been politically motivated, alleging it was “political theater” intended to discredit the platform.
“The FBI could have simply requested the devices through Coplan’s legal team,” said the source, who described the event as unnecessary and hinted of “political retribution” for Polymarket’s accurate election predictions, which showed Trump with a favorable 58.6% win probability.
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In the wake of the raid, Coplan humorously posted on social media: “New phone, who dis?” The crypto community cheered in response to Coplan’s tweet and appreciated his courage and humor even after his run-in with the FBI.
new phone, who dis?
— Shayne Coplan 🦅 (@shayne_coplan) November 13, 2024
Polymarket operates as a prediction market designed to offer insights into various high-stakes events, including elections, Bitcoin price, and others. While the platform is banned in the U.S., American users have been able to access it through VPNs. The company maintains that it is fully transparent, charging no fees and refraining from taking market positions.
Political connections are scrutinizing Polymarket, especially after it was revealed that billionaire Trump supporter Peter Thiel provided $70 million in funding, and Coplan was photographed with Donald Trump Jr.
Not just in the US, Polymarket was also investigated by France’s gambling regulator, Autorité Nationale des Jeux after an anonymous French bettor(Theo) reportedly earned $85 million from Trump-related bets, which prompted probes into Polymarket’s compliance with French laws.
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