Federal Bureau of Investigation ( FBI ) agents on Wednesday morning searched the Manhattan, New York City, US, apartment of Shayne Coplan, founder and CEO of the prediction market platform Polymarket. According to a report from the New York Times, the FBI and the US prosecutor’s office conducted the research as part of a criminal investigation involving the southeastern district of New York.
FBI officials arrived at Coplan’s SoHo residence at 6 am and seized some electronic devices, including his cellphone.
The research focuses on whether Coplan, 26, operated Polymarket as an unregulated supplies change. This reportedly made it possible for US gamblers to violate a previous agreement with the US government.
A 58.6 % opportunity of Donald Trump winning on Election Day morning was accurately predicted by Polymarket for Donald Trump‘s win in the 2024 presidential election.
A law enforcement official confirmed to The New York Times that FBI officials conducted” court-authorized law enforcement action” at Coplan’s home early Wednesday.
A spokesperson for Polymarket told the New York Post that” Polymarket is a completely clear prediction market that helps daily people understand the situations that matter most to them, including elections.” ” We charge no fees, taking no trading posts, and allow spectators worldwide to analyze all business data as a common good”, the spokesperson added.
Coplan has not been arrested or charged.
The hunt may have been motivated by political reasons, according to a cause close to the investigation. The incoming management has clearly justified this political retribution against Polymarket for providing a marketplace that accurately referred to the 2024 presidential election, according to the source.
Following the hunt, Coplan posted on social media app X, saying,” New phone, who dis”?
Coplan claimed that the Biden presidency carried out a politically motivated attack in a separate article on X.
The latest administration’s “disguise” is disappointing because it makes a last-ditch efforts to pursue businesses that they believe are connected to political opponents. We are deeply committed to being non-partisan, and currently is no different. However, the incumbent may reflect and realize that adopting a more pro-business, pro-startup approach does have altered their death this vote”.
After agreeing to stop providing services to US-based customers after filing a complaint with the Commodity Futures Trading Commission ( CFTC ) for operating without proper registration, Polymarket made the decision in 2022. The organization paid a$ 1.4 million good.
