Federal agents raided the Soho apartment of Shayne Coplan, the 26-year-old founder and CEO of Polymarket, early Wednesday morning. They seized electronic devices during the operation, according to reports from Axios and the New York Post.

This raid came just days after Coplan's prediction platform forecasted Donald Trump’s victory in the 2024 presidential election, ahead of national polls.

A source mentioned by the New York Post said that FBI agents arrived at Coplan's home at 6:00 a.m. They asked for access to his phone and other devices. It’s still unclear whether Coplan or Polymarket is the focus of an ongoing investigation.

Shayne Coplan started Polymarket in 2020 in New York. He studied computer science at NYU but left after just one semester. Polymarket is a blockchain-based prediction marketplace. Here, users can bet on various events, like political elections and economic indicators, by buying and selling shares linked to specific outcomes. So far this year, Polymarket has surpassed $3 billion in trading volume.

While you don’t need blockchain technology to create a betting market, Polymarket uses a network called Polygon. This network operates 24/7 and runs on Ethereum, where transaction fees are much lower than usual.

Polymarket accepts bets in U.S. dollars through the stablecoin USDC. Since July, customers have also been able to use debit and credit cards.

In an interview with Forbes, Coplan explained, “Polymarket effectively takes what otherwise would be an Internet yelling match and turns that into a market where the person who's right wins.”

The company has raised $74 million from investors, including Peter Thiel's Founders Fund and Ethereum co-founder Vitalik Buterin. Notable figures like former CFTC chairman Chris Giancarlo and forecasting expert Nate Silver are on its advisory board.

A spokesperson for Polymarket suggested that the raid was politically motivated. He stated, “This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election.” He added, “Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections.”

As of now, neither Polymarket nor the FBI has responded to requests for comment from Forbes.