Polymarket CEO Shayne Coplan received unusual visitors early Wednesday morning, November 13, 2024, who confiscated his phone and other electronic devices. FBI officials raided the 26-year-old entrepreneur's home just a week after his election betting platform predicted a Donald Trump victory.

According to reliable sources and a post on X that went viral, law enforcement arrived at Coplan’s home at 6:00 a.m. and demanded his electronic devices. Sources have described the ongoing saga as “political theater,” believing that law enforcement officials could get whatever they’re looking for through lawyers. Sources have suggested that the Biden administration could call the prediction of Donald Trump’s victory “market manipulation or cheating to get Trump to win.”

Polymarket CEO Shayne Coplan was not arrested.

While FBI officials have not arrested Polymarket CEO Shayne Coplan, a report on Wednesday evening in Bloomberg suggested that the Department of Justice (DOJ) is investigating the betting company for allowing U.S. residents to place bets on the site. When contacted for comment on the development, a company spokesperson declined to comment but went on to say that it appears the government may be seeking political retribution against the company “for providing a market that accurately predicted the 2024 presidential election.”

Both the FBI and DOJ declined to comment on the raid on the home of Polymarket CEO Shayne Coplan. The betting site gained a lot of attention in the run-up to the presidential race between Trump and Vice President Kamala Harris, as it put the pro-crypto candidate Trump ahead of the Democratic nominee. The betting site, which does not allow US residents to trade, also gained attention after an anonymous French-based Polymarket whale placed a heavy bet on Trump beating Harris in the election. For all his efforts, Coplan made $46 million in profits from his prediction of a Donald Trump victory.

Trump's win is a testament to the prediction market

Polymarket CEO Shayne Coplan runs a free public prediction company that provides information on a variety of events, including elections. According to a company spokesperson, they do not charge any fees other than not taking “a position in any market and publishing market data for free.” When polls closed on election night, the company had a roughly 58% chance of Trump winning. However, as the night progressed, Trump’s odds quickly rose, reaching about 95% by 11:43 p.m.

For a month before the election, prediction market polls showed Trump leading Kamala Harris, with the president-elect holding a 67 percent lead. But last Wednesday, Polymarket CEO Shayne Coplan claimed in a post on X that the Trump campaign learned of their potential victory through his company’s predictions.

The raid has drawn harsh criticism.

Unlike prediction markets, traditional polls do not show a clear leader, claiming that neither of the two leading candidates will break the margin of error in key states. While Coplan called the prediction of a Donald Trump victory a vindication for prediction markets, the November 5 election also marked the first time U.S. residents could legally bet on the outcome of an election.

The FBI raid on the home of Polymarket CEO Shayne Coplan has drawn sharp criticism from various figures in the tech and crypto space. Coinbase CEO Brian Armstrong used a swear word as he wondered what was wrong with the Biden administration, adding that “this is going to backfire — they’re just going to make Polymarket even more powerful.” SpaceX and Tesla CEO and vocal supporter of President-elect Elon Musk, who is set to become an official in the incoming administration, said the idea of ​​the raid “seems like chaos.”

Conclusion

Betting platform Polymarket was founded in 2020 and allows fans to bet on a variety of upcoming events, including weather patterns, sporting events, and now election results. The company has blocked US users starting in 2022 after settling a $1.4 million fine with the US Commodity Futures Trading Commission (FCTC) for failing to register with the agency. The company is now back in the headlines after successfully predicting a Donald Trump victory, contrary to polls that showed the race to be tight.