FBI agents seized electronic devices from Polymarket CEO Shayne Coplan early Wednesday, just a week after his platform predicted Donald Trump’s victory in the presidential election. Agents reportedly raided Coplan’s Manhattan apartment at 6 a.m., demanding he surrender his phone and other devices, a source close to the matter revealed.
“It’s grand political theater at its worst,” said the source, accusing authorities of staging the raid to provoke media attention and alleging political motives given Polymarket’s accurate prediction of Trump’s victory over Vice President Kamala Harris.
Despite speculation about the government’s intentions, Coplan has not been charged or detained. The 26-year-old entrepreneur was reportedly left in the dark about the reasons behind the raid, though some suspect it relates to allegations that Polymarket manipulated its markets to favor Trump.
Polymarket, a prediction platform that does not allow U.S. trading, showed Trump with a 58.6% chance of victory the day before the election, contrary to many traditional polls that indicated a closer race. While the site operates outside the U.S., users bypass restrictions using VPNs, and Coplan had recently hinted at plans to bring Polymarket back to American bettors.
The raid follows reports from media sources accusing Polymarket of market manipulation. Crypto research firms claimed that evidence of wash trading—a tactic where traders buy and sell the same assets to artificially inflate market volume—had surfaced on the platform.
Polymarket spokespersons refuted the allegations, emphasizing that the platform is fully transparent and prohibits market manipulation. They described the service as an open market where users can gain insight into significant global events, with no trading fees or hidden positions.
Since its inception, Polymarket has faced regulatory scrutiny. The platform paid a $1.4 million fine in 2022 to the Commodity Futures Trading Commission (CFTC) for failing to register as a regulated market in the U.S., after which it restricted its operations to non-U.S. jurisdictions. France’s gambling authority is also investigating the platform to assess compliance with local gambling regulations.
The raid has stirred controversy, with some alleging it may be part of a political response from the administration in the wake of Polymarket’s forecasted Trump victory. Coplan himself hinted at the lighter side of the experience, posting “New phone, who dis?” on X (formerly Twitter) after the raid.
Meanwhile, the spotlight remains on the enigmatic “French whale,” a bettor using the alias Théo, who reportedly profited $85 million from Trump’s predicted win. Speaking to the press, Théo insisted his bets were purely financial and not intended to influence political outcomes, expressing a desire to “fade back into normal life.”
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