FBI Raids Polymarket Founder’s Home After Platform Correctly Predicted Trump’s Victory 

The Federal Bureau of Investigation (FBI) has raided the Manhattan apartment of Polymarket founder and CEO Shayne Coplan, one week after the prediction market accurately predicted Donald Trump’s sweeping victory.

According to The New York Times (NYT) report that cited a source familiar with the matter, the US law enforcement agency suddenly appeared at Coplan’s residence at around 6 AM on Wednesday, seized his phone and other electronic devices.

Coplan was not arrested or charged during the raid.

Political Retribution

While the FBI did not mention reasons behind the raid, the source suggested it could be an act of political retribution for Polymarket’s correct prediction of  Trump’s victory over Kamala Harris—which conflicted with traditional polls.

“This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election,” the source said.

Polymarket was a big hit during the recently concluded US elections. The platform allows people to predict outcomes of various events, such as elections, sports, financial assets, and just about anything. On election night, Polymarket’s odds of a Trump victory went up to nearly 60%, and hours before the Associated Press called the election, the odds surged to 95%. 

Speaking on the development, a spokesperson for Polymarket stated that the platform is a “fully transparent” prediction market that helps everyday people better understand events that matter most to them, including elections.

“We charge no fees, take no trading positions, and allow observers from around the world to analyze all market data as a public good,” he added

Coplan Comments 

Coplan stated that Polymarket is “deeply committed” to being non-partisan. He added that the prediction platform has provided value to tens of millions of people during the elections while causing harm to no one.

It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents. We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting…

— Shayne Coplan 🦅 (@shayne_coplan) November 13, 2024

Meanwhile, Polymarket is also facing scrutiny from a regulator in Europe. Earlier this month, France’s gambling regulator, ANJ, said it was examining the platform’s operations and compliance.

According to ANJ, the investigation could lead to a possible website ban in France.