The FBI confiscated Polymarket CEO Shayne Coplan’s phone and electronics early Wednesday morning, just a week after the platform accurately predicted Donald Trump’s presidential victory.
According to the sources, law enforcement officers arrived at the 26-year-old entrepreneur’s Soho residence at 6:00 a.m., demanding his devices.
FBI Raids Polymarket CEO’s Home After Platform Accurately Predicted Trump Election Victory
In an early morning raid on Wednesday, the FBI seized the phone and electronics of Polymarket CEO Shayne Coplan, just a week after the platform’s election betting correctly predicted President-elect Donald Trump’s victory.
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] FBI seizes Polymarket CEO’s phone, electronics after betting platform predicts Trump win according to sources: NYP
— Tree News (@News_Of_Alpha) November 13, 2024
At 6:00 a.m., police appeared at the 26-year-old entrepreneur’s Soho residence and commanded his devices. A source close to the matter described the raid as “political theatre” because law enforcement could have requested what they asked for through attorneys.
The government might consider political retaliation against the now-accurate market that predicted Trump’s victory, a source said. That’s what the government could say: ‘It’s market manipulation, or rigging for Trump to win,’ the source said.
Polymarket is a free public prediction market meant to shine light on events like elections. The spokesperson said: “We do not collect any fees, do not take positions in any markets, and publish our markets’ data for free.”.
For his part, the source said that Coplan was not arrested at the time of the incident.
Acting As a Key Indicator Ahead of Official Election Call
When polls closed one election night, Polymarket had the odds of a Trump victory at roughly 58%. As the night wore on, his odds began to climb. By 11:43 p.m., nearly six hours before the Associated Press called the election-his odds sat at 95%.
Coplan posted on X early Wednesday, saying reports indicated the Trump campaign knew of their victory through Polymarket’s prediction. For a month before the election, Trump led Vice President Kamala Harris in prediction markets, with his odds at 67%. Conventional polls never showed a clear leader, with neither candidate breaking the margin of error in key states.
Coplan called the result a “vindication” of prediction markets, proving the site as “the most accurate way to follow the election.” This election marked the first time Americans could legally bet on the outcome. In early October, a federal court ruled in favor of Kalshi, allowing election event contracts.
Be it as it may, this is not the first problem Polymarket has with the government. Recently it was announced it is likely for it to be prohibited by France’s gambling regulator, the ANJ, after a huge amount of bets were placed on the 2024 US presidential election.
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