FBI raids Polymarket CEO’s home after betting platform predicts Trump win

New York [US], November 14 – Federal Bureau of Investigation (FBI) agents raided the Manhattan apartment of Shayne Coplan, CEO of prediction market platform Polymarket, which accurately forecasted Donald Trump’s win in the 2024 presidential election. According to the New York Post, the early morning raid saw FBI agents demand that Coplan, 26, hand over his phone and electronic devices, although he was not given a reason for the raid.

A source close to Coplan suggested the action could be politically motivated, as Polymarket’s market predictions were in contrast to traditional polls, showing Trump’s victory over Vice President Kamala Harris. Indian-American Vivek Ramaswamy, head of the Department of Government Efficiency in the Trump administration, reacted on X, commenting, “Are they mad Polymarket predicted the race correctly?”

The source speculated that the government might try to accuse Polymarket of market manipulation favoring Trump. However, a Polymarket spokesperson maintained that the platform is a “fully transparent prediction market,” adding that Polymarket “charges no fees, takes no trading positions, and allows worldwide observers to analyze data as a public resource.”

Coplan, who was not detained or charged, reacted lightheartedly on X with, “New phone, who dis?” The raid comes after Coplan’s recent statement that Polymarket plans to resume US operations. Ahead of Election Day, Polymarket had forecasted a 58.6% chance of a Trump victory, compared to 41.4% for Harris. Billionaire Trump supporter Peter Thiel has also invested heavily in Polymarket, raising around USD 70 million, as reported by Forbes.

In 2022, Polymarket had to pause US trading and pay a USD 1.4 million penalty to the Commodity Futures Trading Commission for unregistered activity. According to New York Post, a “whale” on the platform, who allegedly profited USD 85 million from Trump’s win, was known to hold multiple Polymarket accounts.

A source told New York Post, “This is grand political theatre at its worst. They could have simply asked his lawyer for information. Instead, they staged a raid to create media attention and further political agendas.”