Polymarket CEO Shayne Coplan, 26, was not arrested|@shayne_coplan|X
The FBI raided the home of Polymarket’s CEO Shayne Coplan in Manhattan on Wednesday, seizing his phone. The 26-year-old entrepreneur was not arrested. The prediction betting site gained popularity during the recent election.
The company believes the raid was retaliation for Polymarket users predicting a Donald Trump win in the 2024 election, which was not in line with mainstream polls.
People in the US cannot place bids on the site, and the Department of Justice is investigating it for allegedly allowing US-based users to bet. Despite regulations, users have circumvented the ban by using VPNs.
Tech industry leaders, including Coinbase’s CEO and Elon Musk, criticized the raid, calling it political retribution and an attempt to undermine Polymarket.