Early Wednesday morning, Shayne Coplan, CEO of the betting platform Polymarket, which has been popular for election betting, was awakened by a dramatic FBI raid on his Soho apartment. This event occurred shortly after the platform had accurately predicted Donald Trump’s overwhelming win in the recent election, according to The Post.
At around 6 a.m., federal agents demanded that Coplan hand over his phone and other electronics. Critics have called the raid an unnecessary display of force, meant to intimidate and influence public perception for political ends.
A close source expressed frustration, stating, “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.”
Coplan himself commented on the incident, expressing his disappointment with what he perceives as a politically motivated action by the Biden administration. “It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents. We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting and recognize that taking a more pro-business, pro-startup approach may be what would have changed their fate this election,” he stated.
He also highlighted Polymarket’s role in the election, serving tens of millions without causing harm, and reaffirmed his optimism about the future of American entrepreneurship.
No official reason has been provided for the raid, but the source, and Coplan himself, suspects political motives, particularly given Polymarket’s successful forecast of Trump’s victory over Vice President Kamala Harris, contrary to most traditional polls.
