FBI raids Polymarket CEO Shayne Coplan's apartment, seizes phone: source
The FBI seized a cellphone and other electronic devices of betting site Polymarket’s CEO Shayne Coplan in a raid on his New York City apartment early Wednesday.
The FBI seized a cellphone and other electronic devices of betting site Polymarket’s CEO, Shayne Coplan, in a raid on his New York City apartment early Wednesday, according to a source familiar with the matter.
The company’s markets wagered correctly and controversially in Donald Trump’s favor in bets on who would win the presidential election, even though opinion polls showed a tight race.
Coplan, 26, was home when numerous agents entered his apartment Wednesday and he turned over his devices to authorities, the source said, adding that he has not been arrested or charged. The source said it is not clear whether Coplan or Polymarket are targets of an investigation.
“New phone, who dis?” Coplan posted on X after the raid.
Polymarket, which Coplan founded in 2020, has recently been the subject of intense debate and scrutiny over its creation of election betting markets. It brought in more than $3.6 billion from bets placed on the presidential election, including $1.5 billion on Trump and $1 billion on Vice President Kamala Harris, according to an NBC News analysis.
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