FBI raids home of crypto chief following Trump victory

Police seize phone from Polymarket founder whose start-up correctly called election

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The FBI has raided the home of a crypto betting prodigy whose start-up correctly called the US presidential election for Donald Trump.
Shayne Coplan, the 26-year-old founder of Polymarket, had his phone seized by US police officers at his home in Manhattan, the New York Post reported.
Bloomberg News reported that the raid was part of an investigation by the Department of Justice into allegations that Polymarket had allowed US-based users to gamble on its site.
Polymarket has been barred from offering its services in the US since 2022, when it was forced to pay a $1.4m (£1.1m) fine for failing to properly register its app.
However,  in a post on X Mr Coplan accused the Democrats of a “last-ditch effort to go after companies they deem associated with political opponents”.
The Polymarket founder, who launched the business aged just 22, also posted: “New phone, who dis?” Mr Coplan was not arrested.
Users can wager cryptocurrency on the outcome of events on Polymarket. Punters overwhelmingly bet in favour of Mr Trump winning the US election, even as polling experts suggested the vote was on a knife-edge.
Polymarket’s besting of established experts brought the company to mainstream attention, as did the fact that an anonymous French trader known as the “Trump whale” won more than $85m correctly betting on the US election outcome.
More than $3bn was gambled by users betting on the outcome of the presidential election.
The company has insisted it is apolitical, although the voting odds displayed by its app were widely shared by Mr Trump’s allies, including Elon Musk. Mr Musk said the investigation into Polymarket was “messed up” in a post on X.
Mr Coplan said: “We are deeply committed to being non-partisan and today is no different, but the incumbents should do some self-reflecting and recognise that taking a more pro-business, pro-startup approach may be what would have changed their fate this election.”
A Polymarket spokesman said: “This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election.
“Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections.”
The app has also attracted scrutiny in Europe. Officials in France have been investigating the app in relation to the “Trump Whale”.
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