FBI seizes Polymarket CEO’s phone and electronics: report
Quick Take The Federal Bureau of Investigation seized Polymarket CEO Shayne Coplan’s phone and electronics Wednesday, according to a report in the New York Post, which cited anonymous source. U.S. presidential election bets on Polymarket reached more than $3 billion in trading volume ahead of the election.
The Federal Bureau of Investigation seized Polymarket CEO Shayne Coplan’s phone and electronics Wednesday, according to a report in the New York Post, which cited an anonymous source.
Coplan "was woken up at 6:00 a.m. in his Soho home by law U.S. enforcement officers who demanded his phone and electronics," The New York Post’s Taylor Herzlich wrote in the article that cited a source close to the matter.
The move comes eight days after the popular betting market, launched in New York City, but currently geo-fenced for would-be users in the U.S., correctly predicted former President Donald Trump would win this year's presidential election. On Nov. 6, Polymarket resolved its U.S. presidential election market after the Associated Press, Fox and NBC all called the race for Trump.
U.S. presidential election bets on Polymarket reached more than $3 billion in trading volume ahead of the election.
The FBI did not arrest Coplan, according to the source. The New York Post also said that FBI had not responded to a request for comment. The Block reached out to Coplan for a statement, who did not immediately respond.
'Political retribution'
In the report, a series of anonymous quotes, seemingly from Coplan’s camp, commented on the FBI’s seizure. "It’s 'grand political theater at its worst,'" the source said, according to the report. The New York Post also paraphrased the source as saying “The government is likely trying to accuse Polymarket of market manipulation and rigging its 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.
Ahead of the election, wagers favored Trump to win the election with a certainly far greater than the majority of credible polls, which appeared to show the former president in a dead heat with Vice President Kamala Harris.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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