Exclusive | FBI seizes Polymarket CEO's phone, electronics after betting platform predicts Trump win: source
By: Taylor Herzlich Published (New York Post)
S E E D E D C O N T E N T
By Taylor HerzlichPublished Nov. 13, 2024Updated Nov. 13, 2024, 4:32 p.m. ET
FBI agents raided the Manhattan apartment of Polymarket CEO Shayne Coplan early Wednesday — just a week after the election betting platform accurately predicted Donald Trump's stunning victory, The Post has learned.
The 26-year-old entrepreneur was roused from bed in his Soho pad at 6 a.m. by US law enforcement personnel who demanded he turn over his phone and other electronic devices, a source close to the matter told The Post.
It's "grand political theater at its worst," the source told The Post. "They could have asked his lawyer for any of these things. Instead, they staged a so-called raid so they can leak it to the media and use it for obvious political reasons."
5The FBI seized Polymarket founder and CEO Shayne Coplan's phone and electronics, a source told The Post. Matthew Reeves/BFA.com/Shutterstock
Coplan was not provided with a reason for the raid, but the source suspects it was political retribution since Polymarket predicted an easy Trump triumph over Vice President Kamala Harris — as opposed to traditional polls.
The source also speculated that the government is likely piggybacking off liberal media reports that accuse Polymarket of market manipulation and rigging its polls in favor of Trump.
"This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election," the source said.
Coplan was not arrested and has not been charged, a Polymarket spokesperson told The Post on Wednesday evening.
"Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections," the rep said.
5Coplan was not arrested and has not been charged, a Polymarket spokesperson told The Post on Wednesday evening. Polymarket
"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 did not immediately respond to a request for comment.
Coplan posted on X after his run-in with the feds: "New phone, who dis?"
Polymarket does not allow trading in the US, though bettors can bypass the ban by accessing the site through a VPN.
The FBI's investigation comes a week after Coplan said Polymarket is planning to return to the US.
The platform — which showed Trump with a 58.6% chance of winning the morning before Election Day and Harris' odds at 41.4% — has also been linked to Trump and his allies.
5The platform showed Trump with a 58.6% chance of winning the morning before Election Day and Harris' odds at 41.4%. REUTERS
Billionaire Trump supporter Peter Thiel raised about $70 million in funding for Polymarket, according to a Forbes report earlier this year.
Coplan has also been photographed looking chummy with Donald Trump Jr.
In 2022, the online gambling platform was forced to pause its trading in the US and pay a $1.4 million penalty to settle charges with the Commodity Futures Trading Commission that it had failed to register with the agency.
5The source said the government is likely visiting political retribution on Polymarket. Above, Coplan with Zillow co-founder Spencer Rascoff in August. Matthew Reeves/BFA.com/Shutterstock
Since then, the platform has only been available for bettors in other countries. After the election, a mystery French trader raked in a whopping $85 million in profits on Trump bets — more than $50 million more than previously reported, the Wall Street Journal reported on Wednesday.
One week before the election, a Fortune report said analysts at two crypto research firms found widespread evidence of wash-trading on Polymarket — an illegal form of market manipulation in which a trader buys and sells the same entity to create a false impression of market activity.
"Polymarket's Terms of Use expressly prohibit market manipulation," a Polymarket spokesperson told Fortune in a statement.
The betting platform is facing scrutiny from France's gambling regulator, Autorite Nationale des Jeux, to make sure Polymarket complies with the country's laws.
"We are aware of this site and are currently examining its operation and compliance with French gambling legislation," a spokesperson for the regulator told Bloomberg.
The Autorite Nationale des Jeux did not immediately respond to a request for comment.
Polymarket declined to comment on France's investigation.
5Polymarket has been linked to Trump and his allies. Polymarket
New gambling markets are required to receive advance approval from the regulator.
The so-called French whale who cashed in on Trump's win goes by the alias Theo. He previously said his bets were simply about making money and denied claims that he was trying to influence the election outcome.
"I have nothing more to add," Theo told the Wall Street Journal in his last email on Monday. "To be frank, I'm a bit tired of the whole thing — I'd like to fade back into my normal daily life."
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Conspiracy theories begin....................
There was a Congressional hearing on aliens yesterday too. Oh no! Coplan is a reptilian!
Pathetic last ditch effort for the Democrats to look tough on crime maybe? I wouldn't put it past them.