FBI Raids Polymarket CEO’s House; Seizes Phone, Electronics

Expect the unexpected! This phrase would likely suit Polymarket’s current situation. The betting platform, highly regarded for its predictions, was not able to predict the FBI raid. On the wee hours of November 13, Shayne Coplan, the CEO of Polymarket, was roughly roused by the FBI, who raided his apartment and seized his phone and electronics but did not arrest him.

The reason for the raid was not specified to the CEO. However, speculations were rife that the sudden move was triggered by the betting platform’s prediction in the U.S. elections. Although traditional polls signaled that Kamala Harris would win the elections, Polymarket predicted that Trump would be the ultimate winner. Notably, the raid took place a week after the election results.

In his X post, Coplan expressed his concerns about the current administration’s move and stated that the platform is committed to being non-partisan and has provided accurate information to benefit the public in the elections. 

Further, a spokesperson from Polymarket stated that the platform does not charge any fees nor take up any trading positions but allows people to understand and analyze important events, including elections.

Earlier in September, Polymarket had plans to raise about $50 million and launch its token to cash in on the election betting craze. It is stated that the token proposal would create an efficient and decentralized ecosystem for verifying the outcome of the elections. Further, it would enhance user engagement by integrating additional DeFi features into the platform.

Reportedly, after the election results, a French trader, under the pseudonym Théo, who placed his bets on Trump, won a whopping $85 million in profits. However, with all the scrutiny on his profits, he stated that his bets were, in general, about making money and denied having any connections with the election results. 

Following the huge haul made by the French trader, Polymarket is under the scrutiny of France’s gambling regulator, Autorité Nationale des Jeux. The regulator stated that the site is being examined for its operations and compliance with French gambling regulations.