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The FBI reportedly raided the Manhattan home of Polymarket CEO Shayne Coplan early Wednesday, seizing his phone and other electronics after the platform correctly predicted Donald Trump’s 2024 election win. According to The New York Post, a Polymarket spokesperson described the raid as “obvious political retribution” by the outgoing administration.
Polymarket claims the platform operates as a transparent, public prediction market that helps people better understand events like elections. The spokesperson emphasized in their statement that “Polymarket is a fully transparent prediction market that helps everyday people better understand the 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.”
The FBI’s reported action against Coplan occurred just a week after Polymarket accurately predicted Donald Trump’s presidential victory, showing Trump a 58.6% chance of winning on Election Day.
A few hours later after the raid, Coplan posted on X, writing a tongue-in-cheek, “new phone, who dis?”
new phone, who dis?
— Shayne Coplan 🦅 (@shayne_coplan) November 13, 2024
Coplan suggested the investigation might be politically motivated, writing on X: “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 and recognize that taking a more pro-business, pro-startup approach may be what would have changed their fate this election.”
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
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