The FBI conducted a raid on the New York City home of Polymarket founder and CEO Shayne Coplan on Wednesday morning, according to reports from The New York Times and the New York Post. During the search, the FBI seized Coplan’s phone and other electronic devices. Following the raid, Coplan humorously responded on X (formerly Twitter) with the post, “new phone, who dis?” He also posted a statement criticizing the Biden administration, claiming the raid was politically motivated and an attack on a company associated with President-elect Donald Trump.
Polymarket, an online betting platform, had gained attention during the recent election cycle for offering odds favoring Trump over Vice President Kamala Harris. The raid appears to be part of an ongoing criminal investigation into whether the company violated a 2022 order from the Commodity Futures Trading Commission, which had fined Polymarket $1.4 million and prohibited it from operating in the U.S. for not being properly registered.
The investigation centers on whether Polymarket allowed U.S. users to access its services despite the order.
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