FBI Raids Polymarket CEO After Platform Predicts Trump Victory
The FBI raided the Manhattan apartment of Polymarket CEO Shayne Coplan early Wednesday morning, just a week after the betting platform accurately predicted President Donald Trump’s victory in the 2024 presidential election. Agents seized Coplan’s phone and other electronic devices but did not provide a reason for the raid, according to a source close to the matter.
“This is grand political theater at its worst,” the source told The Post. “They could have gone through his lawyer but chose to stage a raid, likely for political reasons.”
Polymarket had shown Trump with a 58.6% chance of winning on Election Day, significantly outperforming traditional polls. The platform has also faced allegations of market manipulation, with critics accusing it of favoring Trump and his allies. A Polymarket spokesperson defended the platform as a transparent prediction market that charges no fees and allows global analysis of its data.
The raid occurred just as Polymarket announced plans to re-enter the U.S. market. Previously, the platform was forced to halt U.S. operations in 2022 and pay a $1.4 million fine for failing to register with the Commodity Futures Trading Commission. The site has since been limited to international users, though bettors have bypassed restrictions using VPNs.
Further scrutiny has emerged after reports of an $85 million windfall for a French trader who placed bets on Trump through Polymarket. The FBI’s investigation has fueled speculation that the raid is politically motivated, particularly given Coplan’s connections to Trump allies like Donald Trump Jr. and billionaire supporter Peter Thiel.
Coplan posted a lighthearted comment on social media following the raid: “New phone, who dis?” Despite the humor, the incident highlights ongoing tensions between political power and independent platforms influencing public narratives.
