FBI Reportedly Raids Polymarket CEO’s Home

Federal law enforcement officials raided the home of Polymarket CEO Shayne Coplan on Wednesday, the New York Post and Axios reported.

The prediction market was a breakout success in the U.S. presidential election, a platform where billions of dollars worth of bets were placed on the outcome. Polymarket traders viewed Donald Trump as the likely winner, as indeed he was.

Neither media report said why the raid took place. Americans are not supposed to trade on Polymarket, though that rule can be circumvented through the use of virtual private networks, or VPNs.

Axios got a statement from Polymarket: “This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election. … Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections.”