- The New York Post reported, citing an unnamed source, that Polymarket CEO Shayne Coplan’s phone and equipment were confiscated by the FBI on Wednesday.
- Prior to the election, trade volume for over $3 billion was wagered on Polymarket in the U.S. presidential election.
The New York Post reported, citing an unidentified source, that Polymarket CEO Shayne Coplan’s phone and equipment were confiscated by the FBI on Wednesday. A later piece by Bloomberg claims that Coplan is being investigated by the Department of Justice for alleged U.S. users.
Eight days prior, the well-known betting market, which was first established in New York City but is now geo-fenced for potential users in the United States, accurately predicted that this year’s presidential election would go to President Donald Trump. Following the announcement of Trump’s victory by the Associated Press, Fox, and NBC, Polymarket closed its U.S. presidential election market on November 6.
The well-known betting site reached a settlement with the U.S. Commodity Futures Trading Commission in early 2022 for providing “event-based binary options.” In order to preserve its ability to list markets without CFTC approval, Polymarket agreed to pay $1.4 million, shut down the non-compliant markets, and block U.S. customers as part of the settlement.
The present administration’s desperate attempt to target businesses they believe are connected to political rivals is disheartening. We have a strong commitment to being nonpartisan, and today is no exception. However, the incumbents ought to examine themselves and acknowledge that adopting a more pro-business, pro-startup stance might have been the difference that made all the difference in this race.
At six in the morning, Coplan was awakened in his Soho residence by law enforcement officials who wanted his devices and phone. The source claims that Coplan was not arrested by the FBI. A request for response from the FBI was likewise not answered, according to the New York Post.
Prior to the election, trade volume for U.S. over $3 billion was wagered on the presidential election on Polymarket. Polymarket, which gained prominence during election season, has long been plagued by anecdotal claims of U.S. customers utilizing VPNs to circumvent the platform.
Citing political integrity, the CFTC has long been split on whether to permit betting markets connected to elections. For example, Kalshi, a U.S.-based betting market, sued the agency to get the ability to post contracts that let Americans wager on election results.
This election season, Polymarket has benefited tens of millions of individuals while harming no one. We take great pride in that.
“Political revenge”
A number of anonymous quotations that appeared to be from Coplan’s camp were included in the report to remark on the FBI’s seizure. It’s grand political theater at its worst. The government is probably attempting to accuse Polymarket of manipulating the market and slanting its polls in favor of Trump, according to the New York Post, which similarly paraphrased the source.
The exiting administration’s political retaliation against Polymarket for offering a market that accurately predicted the 2024 presidential election is evident.
Prior to the election, predictions that Trump would win were unquestionably much higher than those of most reliable surveys, which seemed to show the former president and Vice President Kamala Harris in a dead heat.
When Coplan posted, “new phone, who dis?” he was mocking the FBI raid. earlier on Wednesday.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
