On November 13, the United States Federal Bureau of Investigation (FBI) raided the New York City residence of Polymarket CEO Shayne Coplan, seizing his phone and electronic devices.
The raid, which occurred at 6:00 a.m. Eastern Time, was part of an ongoing investigation, the New York Post reported, citing a source close to the matter.
Polymarket, a blockchain-based prediction market, has gained attention for its $3.7 billion in bets placed on the “Presidential Election Winner 2024” market.
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“It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents,” Coplan said in a subsequent post on X.
“We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting and recognize that taking a more pro-business, pro-startup approach may be what would have changed their fate this election.”
It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents. We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting…
— Shayne Coplan (@shayne_coplan) November 13, 2024
Polymarket has faced scrutiny before. In January 2022, the platform paid a $1.4 million settlement to the Commodity Futures Trading Commission (CFTC) for operating unregistered event-based binary options markets.
While Polymarket officially blocked U.S. users following the settlement, critics argue that users can bypass the restriction using virtual private networks (VPNs).
The raid also sparked a backlash from tech leaders. Coinbase CEO Brian Armstrong posted on X, using strong language to criticize the administration, stating, “This will backfire—they just made Polymarket even more powerful.”
Elon Musk, CEO of Tesla and SpaceX, echoed these sentiments, describing the raid on X as “messed up.” Musk is set to co-lead a Department of Government Efficiency under Trump’s incoming administration.
Founded in 2020, Polymarket allows users to bet on various topics, from election outcomes to sports and weather. The latest raid has brought the platform under intense scrutiny, further cementing its controversial role in blending blockchain and political discourse.
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France Plans to Block Access to Polymarket
France’s National Gaming Authority (ANJ) is reportedly planning to block access to Polymarket. The regulator is currently investigating Polymarket’s operations to assess its compliance with French gambling laws.
The scrutiny intensified after a French trader, identified as “Theo,” placed multimillion-dollar bets on Donald Trump’s re-election. Following Trump’s victory, Theo reportedly earned a $47 million payout, sparking widespread regulatory concerns.
Meanwhile, Polymarket has ignited speculation about a potential token launch, fueling excitement among its community.
A message shared with users claiming winnings hinted at future “drops,” suggesting that actively reinvesting rewards into other markets could lead to enhanced benefits, potentially including token airdrops.
This development aligns with reports from September that Polymarket was exploring a $50 million fundraising round and considering a token launch.
While the platform has historically avoided confirming token plans despite its significant trading volumes, the recent hints have heightened anticipation among its user base.
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