FBI raids home of Polymarket CEO Shayne Coplan
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The FBI on Wednesday morning raided the New York City apartment of Shayne Coplan, the founder and CEO of Polymarket, Axios has learned from multiple sources.
Why it matters: Polymarket is one of the most active prediction betting markets, gaining mainstream attention during the recent presidential election.
- It is not clear what the FBI was seeking when numerous agents entered Coplan's apartment at around 6am, or if Coplan and/or Polymarket are the targets of an investigation.
- Coplan was home at the time of the raid.
Zoom in: Americans aren't allowed to use Polymarket, on which one French trader reportedly won nearly $50 million.
- The company reportedly has been raising new venture capital, after having already secured over $80 million from backers like Peter Thiel's Founders Fund.
What they're saying: "This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election," a Polymarket spokesperson tells Axios. "Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections."
- "The FBI carried out a court-authorized law enforcement activity at [Coplan's building] earlier today," a federal law enforcement source tells Axios.
