Polymarket CEO Targeted in FBI Raid Over Election Betting Allegations
FBI raids Polymarket CEO Shayne Coplan’s Manhattan home, seizes his phone.
The FBI raided the home of Shayne Coplan, the 26-year-old CEO of prediction betting platform Polymarket, seizing his phone in Manhattan early Wednesday. While Coplan wasn’t arrested, the raid has sparked controversy, with Polymarket suggesting it was retaliation for users betting on Donald Trump’s election victory.
Polymarket claims it provides transparent markets for users to understand events, but its legality in the U.S. is under scrutiny. The Department of Justice is reportedly investigating allegations of unregistered U.S.-based users and market manipulation like wash-trading.
Deleted my prior tweet until all the facts are in - but doesn’t look good https://t.co/XKpjnevmvk
— Brian Armstrong (@brian_armstrong) November 14, 2024
Industry leaders like Coinbase CEO Brian Armstrong criticized the raid, suggesting it will strengthen Polymarket’s position. Elon Musk also expressed concern, labeling the incident “messed up.” Despite the setback, Coplan appears unfazed, tweeting, “New phone, who dis?” in response to the raid.
