The FBI recently raided the Manhattan apartment of Shayne Coplan, CEO of Polymarket, a blockchain-based betting platform, seizing his cellphone and other electronic devices . This move comes just a week after Polymarket accurately predicted Donald Trump's victory in the presidential election, with odds of 58.6% for Trump and 41.4% for Kamala Harris .
According to sources close to Coplan, the raid was likely "politically motivated" and described as "grand political theater at its worst". The FBI's actions have been interpreted as "political retribution" by the outgoing administration, particularly since Polymarket had been accused of market manipulation and rigging its polls in favor of Trump by some liberal media outlets .
Coplan himself seems unfazed by the raid, posting on X (formerly Twitter) that he had to get a new phone, and later stating that the incident was discouraging, but emphasizing Polymarket's commitment to being non-partisan . The company has also denied any wrongdoing, maintaining that it's a fully transparent prediction market .
It's worth noting that Polymarket has been under scrutiny before. In 2022, the platform paid a $1.4 million fine to the Commodity Futures Trading Commission (CFTC) for failing to register with the agency . Additionally, Polymarket is currently facing investigation by France's gambling regulator, Autorité Nationale des Jeux, over compliance issues .
The raid has sparked debate about the motivations behind the FBI's actions and the potential implications for Polymarket and the broader crypto industry. What do you think about this development?
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