7 sources·Politics

FBI Raids Polymarket CEO's Apartment Amid Allegations of Illegal Betting

The FBI raided Polymarket CEO Shayne Coplan's apartment as part of an investigation into illegal U.S. betting practices.

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Updated: Nov 14th, 2024, 3:41 PM ET

Summary

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The FBI conducted a raid on Shayne Coplan's Manhattan apartment, seizing electronic devices amid allegations of illegal betting by Polymarket, a crypto-based prediction market. Coplan claims the action represents political retribution, as the platform accurately predicted Donald Trump's election victory, diverging from polls. The Justice Department is probing potential violations of federal gambling laws, while regulatory scrutiny also arises from claims of market manipulation and operating in the U.S. after a settlement with the Commodity Futures Trading Commission. No arrests were made during the raid.

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