NEW YORK CITY — The FBI seized a cellphone and other electronic devices of betting site Polymarket’s CEO Shayne Coplan in a raid on his New York City apartment early Wednesday, according to a source familiar with the matter.
The search comes just weeks after the company’s markets wagered correctly and
controversially
in Donald Trump’s favor in bets for who would win the presidential election, despite opinion polls showing a tight race.
The 26-year-old was at home when numerous agents entered his apartment Wednesday and he turned over his devices to authorities, the source said, adding that Coplan has not been arrested or charged. The source said it’s not clear if Coplan or Polymarket are targets of an investigation.
“New phone, who dis?” Coplan posted on
X
following the raid.
Polymarket, which Coplan founded in 2020, has recently been the subject of intense debate and scrutiny over its creation of election betting markets. The company brought in more than
$3.6 billion
from bets placed on the presidential election, including $1.5 billion on Trump and $1 billion on Vice President Kamala Harris, according to an
NBC News analysis
.
Speculation has swirled around the identity of major bettors who wagered on Trump, and whether or not the odds and the existence of the markets could have had an effect on voters.
Though U.S. election betting is
newly legal
in some circumstances, Polymarket is not supposed to allow U.S. users after the Commodity Futures Trading Commission halted its operations in 2022, but its userbase largely operates through cryptocurrency, which allows for easy anonymity.
Coplan has continuously defended the site as “nonpartisan,” blaming the Biden administration and the recent Democratic loss as reasoning for the raid.
“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,” Coplan said on
X
. “Polymarket has provided value to 10’s of millions of people this election cycle, while causing harm to nobody.”
In a statement, a Polymarket spokesperson said to NBC News, “This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election. Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections. We charge no fees, take no trading positions, and allow observers from around the world to analyze all market data as a public good. We look forward to standing up for ourselves and our community and continuing to help everyday people understand important world events.”
Nicholas Biase, a spokesperson for the U.S Attorney’s Office in the Southern District of New York, declined to comment.
Note: Thank you for visiting our website! We strive to keep you informed with the latest updates based on expected timelines, although please note that we are not affiliated with any official bodies. Our team is committed to ensuring accuracy and transparency in our reporting, verifying all information before publication. We aim to bring you reliable news, and if you have any questions or concerns about our content, feel free to reach out to us via email. We appreciate your trust and support!