Polymarket CEO
Authorities in the United States executed a high-profile raid on the home of Shayne Coplan, the CEO of Polymarket, a betting platform that gained attention for its strong predictions favoring Donald Trump in the 2020 presidential election.
The FBI conducted the search at Coplan’s Manhattan residence on Wednesday, acting on a search warrant. According to a report by the New York Post, Coplan, 26, was woken up at 6 a.m. by federal agents, who demanded that he surrender his phone and other electronic devices for inspection.
In response to the raid, Coplan took to X (formerly Twitter) to accuse the outgoing Biden administration of a “last-ditch effort” to target companies that they believed were aligned with political opponents.
He emphasized that Polymarket, as a platform, remained non-partisan and claimed that their efforts had been beneficial to millions of people, particularly during the election cycle.
Coplan further criticized the current administration, urging it to adopt a more pro-business and pro-startup approach to avoid the political fallout they faced in the election.
The FBI has yet to comment on the raid or provide details on its exact purpose, but the action has sparked controversy and outrage, especially within the tech community.
Brian Armstrong, the CEO of Coinbase, voiced his disapproval with a blunt post on X, expressing frustration with the administration’s actions. “What the f**** is wrong with this administration,” he wrote, adding that he believed the raid would only serve to strengthen Polymarket’s position.
Elon Musk, the CEO of Tesla and SpaceX, also weighed in, commenting on X that the situation “seems messed up.”
Polymarket, which was founded in 2020, allows users to place bets on a range of events, including political outcomes, sports, and weather patterns.
The platform attracted significant attention leading up to the 2020 U.S. presidential election, as it gave Donald Trump a higher likelihood of winning against Vice President Kamala Harris, despite most polls showing the race as a tight contest.
However, Polymarket faced regulatory scrutiny, and in 2022, it was forced to block U.S. users after reaching a $1.4 million settlement with the Commodity Futures Trading Commission (CFTC) for failing to register with the agency.
Despite the ban, users can still access the site by using a virtual private network (VPN).
This raid is seen by some as part of a broader effort to regulate and control platforms like Polymarket, which blur the lines between online gambling, prediction markets, and political discourse.
As the investigation continues, many are questioning the implications of the raid on the startup and its future operations.
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