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Recently, the FBI seized the phone and electronics of Polymarket CEO Shayne Coplan. This was reported by the New York Post, citing an anonymous source. Ahead of the U.S. presidential election, Polymarket saw over $3 billion in trading volume for election-related bets.
At 6:00 a.m., U.S. enforcement officers knocked on Coplan's door at his home in Soho. They demanded his phone and other devices. The New York Post article by Taylor Herzlich referenced a source close to the situation.
This incident happened just eight days after Polymarket accurately predicted that former President Donald Trump would win the election. On November 6, Polymarket closed its U.S. presidential election market after major news outlets like the Associated Press, Fox, and NBC declared Trump the winner.
The FBI did not arrest Coplan during this operation, according to the source. The New York Post also noted that the FBI had not responded to requests for comments. The Block reached out to Coplan for a statement, but he did not respond immediately.
In the report, a few anonymous quotes from Coplan’s associates commented on the FBI’s actions. One source described it as “grand political theater at its worst.” Another paraphrased source suggested that the government might be trying to accuse Polymarket of market manipulation and skewing polls in favor of Trump.
“This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election,” the source added.
Before the election, bets favored Trump winning by a much larger margin than most credible polls, which showed a tight race between him and Vice President Kamala Harris.