NEW YORK (Reuters) -Federal law enforcement agents raided the downtown New York home of Polymarket CEO Shayne Coplan on Wednesday, seizing his phone a

FBI raids Polymarket CEO's home, seizing phone, electronics

submited by

Style Pass

2024-11-14 04:00:05

NEW YORK (Reuters) -Federal law enforcement agents raided the downtown New York home of Polymarket CEO Shayne Coplan on Wednesday, seizing his phone and electronics, the company confirmed.

The early-morning raid of Coplan's SoHo apartment followed last week's presidential election, in which bettors on Polymarket, an offshore, crypto-fueled election gambling website, had for weeks put Donald Trump's odds drastically higher than those of Vice President Kamala Harris, in sharp divergence from opinion polls.

Coplan, Polymarket's 26-year-old founder, was roused from his bed at 6 a.m. by FBI agents demanding he give them his electronic devices.

The DOJ is investigating Polymarket for allegedly allowing U.S.-based users to bet on the site, Bloomberg News reported Wednesday evening.

Polymarket declined to comment on those allegations but a spokesperson said the FBI raid was "obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election."