FBI reportedly raids Polymarket CEO’s home after betting platform predicts Trump win: ‘Political payback’
Fox News senior congressional correspondent Chad Pergram reports on legislation aimed at curbing sports betting on ‘The Big Money Show.’
The FBI reportedly raided the Manhattan home of Polymarket CEO Shayne Coplan early Wednesday after an election betting platform correctly predicted Donald Trump’s victory in the 2024 presidential race last week.
A spokesperson for Polymarket called it “obviously political revenge by the outgoing administration against Polymarket for providing a market that has correctly called the 2024 presidential election.”
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The raid, as first reported by the New York Post, involved FBI agents seizing Coplan’s phone and other electronics while the 26-year-old CEO was in his SoHo apartment.
A few hours later, Coplan posted on X, writing tongue-in-cheek, “new phone, who dis?”
Polymarket says the platform acts as a transparent, public prediction market that allows people to better understand events such as elections.
A 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 don’t charge fees, we don’t take trading positions, and we allow viewers from around the world to analyze all market data as a public object.”
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The FBI’s reported action against Coplan comes a week after Polymarket correctly predicted Donald Trump’s presidential victory, with the platform showing Trump holding a 58.6% chance of winning on Election Day.
An advertisement for Polymarket in the Brooklyn area of New York, US, Monday, July 22, 2024. Various US election results have driven open wagers close to $1 billion at Polymarket, a 500% jump in a few months ago, although Polymarket says. (Michael Nagle/Bloomberg via Getty Images/Getty Images)
Coplan himself suggested that the investigation may have a political dimension.
“It’s disappointing that the current administration would seek a last-ditch effort to go after companies they perceive as having ties to political rivals,” Coplan wrote in X.
“We are deeply committed to not being biased, and today is not the same, but those in power must examine themselves and see that taking a pro-business approach, restarting may be what can change their fate in this election. ,” he added.
The platform has raised money from high-profile investors including Peter Thiel’s Founders Fund, which has invested around $70 million.
After the recent election, a French bettor known as Théo reportedly made an $85 million profit from betting on Trump on Polymarket, according to a Wall Street Journal report.
“I have nothing more to add,” Théo wrote to the Wall Street Journal in an email. “To be honest, I’m tired of everything – I’d like to go back to my normal everyday life.”
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The DOJ and Shayne Coplan did not immediately respond to FOX Business’ request for comment.
The FBI declined to comment when reached by FOX Business.
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