Betting market creator makes allegations that Trump-association behind FBI raid
Date
11/20/2024 1:32:48 AM
(MENAFN) The FBI recently raided the home of Shayne Coplan, the CEO and founder of the crypto-based betting platform Polymarket, reportedly seizing his electronic devices. The company argues the raid is retaliation for the platform's prediction market, which saw large bets placed on Donald Trump’s victory in the 2024 US presidential election.
According to Polymarket, the raid occurred as part of a broader investigation into the company, though the specific reason for the FBI’s actions has not been publicly disclosed. Some suggest the authorities might be probing Polymarket for market manipulation or potential attempts to influence political polling. However, the platform contends that the search was politically motivated, aimed at targeting the site for accurately forecasting Trump’s chances.
In 2024, Polymarket saw over $3.7 billion in betting activity, with odds heavily favoring Trump over Vice President Kamala Harris—an outcome at odds with most mainstream polls. Coplan criticized the Biden administration, suggesting the raid was part of a “last-ditch” effort to attack companies linked to political adversaries.
The Department of Justice is also investigating whether Polymarket violated an agreement with the Commodity Futures Trading Commission (CFTC) to prevent US users from placing bets on the platform. The platform gained prominence during the election cycle and came under scrutiny after a French trader reportedly earned $85 million by betting on Trump’s win.
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