FBI agents raided the Manhattan apartment of Polymarket CEO Shayne Coplan early Wednesday morning, a week after the betting platform accurately predicted Donald Trump’s victory over Vice President Kamala Harris. The raid took place at 6 a.m., with officers entering Coplan’s Soho residence and seizing his phone and other electronic devices, a source close to the situation told The Post.
The source described the raid as “grand political theater,” suggesting the FBI’s approach was unnecessarily public and likely intended to make headlines.
While Coplan was not given a reason for the raid, speculation points to potential political motives tied to Polymarket’s betting odds. The platform, known for offering prediction markets, showed Trump with a 58.6% chance of winning on the morning of the election, while Vice President Kamala Harris’ odds sat at 41.4%. This marked a stark contrast to traditional polls, and Coplan’s allies believe his accurate prediction may have drawn unwanted attention.
The raid comes amid allegations from some media outlets accusing Polymarket of market manipulation and rigging bets to favor Trump. Polymarket spokespersons denied these claims, emphasizing that the platform operates transparently, charges no fees, and holds no trading positions, allowing global observers to analyze all market data as a public good.
Coplan, 26, was not arrested or charged. However, this isn’t the first time Polymarket has drawn scrutiny. In 2022, the platform was fined $1.4 million by the Commodity Futures Trading Commission (CFTC) for operating without proper registration in the U.S., prompting a temporary halt to its domestic trading operations. Since then, the platform has operated overseas, but plans for a U.S. return were recently announced, likely complicating regulatory tensions.
The raid’s timing—just as Coplan announced Polymarket’s return to the U.S.—has fueled speculation of political retribution. The platform has been linked to prominent figures in Trump’s orbit, including billionaire supporter Peter Thiel, who reportedly helped raise $70 million in funding for Polymarket. Photos of Coplan alongside Donald Trump Jr. have only added to the controversy.
Adding to the intrigue, a French trader recently made headlines after reportedly earning $85 million on Trump bets placed through Polymarket, leading some to question the role of high-stakes trading and regulatory oversight on the platform.
Polymarket continues to face scrutiny, with France’s gambling regulator, Autorité Nationale des Jeux, investigating its compliance with local gambling laws. Despite mounting pressures, Coplan remains focused on Polymarket’s mission. Responding on social media after the raid, Coplan posted a cryptic message: “New phone, who dis?”
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