Federal agents seized the electronics of Polymarket CEO Shayne Coplan early Wednesday morning. This comes just a week after the platform accurately predicted Donald Trump’s victory in the 2024 U.S. presidential election. The raid, carried out at Coplan’s Soho residence around 6:00 a.m., reportedly involved law enforcement officials demanding access to his phone and other electronic devices.
FBI Seizes Polymarket CEO’s Phone
According to sources close to the matter, Coplan, a 26-year-old entrepreneur, was given no clear reason for the confiscation of his personal items. “This is grand political theater at its worst,” stated a source familiar with the situation, according to a New York Post report. The individual suggested that authorities could have opted for a less aggressive approach, such as requesting the devices through Coplan’s attorney.
Instead, the source believes the pre-dawn operation was staged, possibly to generate media coverage and drive a specific narrative. “They could have asked his lawyer for any of these things. Instead, they staged a so-called raid so they can leak it to the media and use it for obvious political reasons,” the source claimed.
Polymarket, a prominent prediction platform that draws attention for its role in election forecasting, had gained notice after its market projections aligned with Trump’s victory. Supporters of Coplan argue that the government’s actions appear to be politically motivated. “This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election,” asserted the source.
Polymarket Spokesperson’s CEO
The betting platform, which offers prediction markets on various events, prides itself on transparency, claiming to charge no fees and take no trading positions. The platform’s spokesperson emphasized its commitment to the public. They stated, “Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections.”
Moreover, the spokesperson added that the site’s data is openly available for analysis, inviting observers from around the globe to examine its outcomes. They added, “We charge no fees, take no trading positions, and allow observers from around the world to analyze all market data as a public good.”
Although Coplan was not detained during the raid, he and his associates suspect the federal government is attempting to link Polymarket to election manipulation or interference. They see this as an attempt to undermine the platform’s credibility following its successful election predictions, which contradicted many traditional polls.
According to sources, the raid could be an attempt by the administration to question Polymarket’s integrity by implying its forecasting influenced the election in Trump’s favor. As of now, neither the FBI nor any related law enforcement agency has commented on the reasons behind the seizure of Coplan’s devices. The lack of a response leaves questions surrounding the operation and fuels further debate over the motives behind the confiscation.
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