FBI agents raided the Manhattan apartment of Polymarket CEO Shayne Coplan early Wednesday morning, seizing electronic devices from the 26-year-old head of the popular betting platform.

The raid follows Polymarket’s widely reported accurate prediction of President-elect Donald Trump’s victory in the 2024 election, drawing significant attention to the company and its CEO.

The raid took place around 6 a.m. Eastern Time, with armed federal agents arriving at Coplan’s residence.

According to a source familiar with the event, FBI agents demanded that Coplan hand over his cell phone and other electronic devices but did not provide an explanation for the search.

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The source characterized the raid as “grand political theater at its worst,” alleging that authorities could have requested the items from Coplan’s lawyer rather than staging a high-profile operation.

“They could have asked his lawyer for any of these things. Instead, they staged a so-called raid so they can leak it to the media and use it for obvious political reasons,” the source told the New York Post.

Sources close to Coplan have speculated that the raid may be a form of “political retribution” related to Polymarket’s accurate election predictions.

Ahead of Election Day, Polymarket showed Trump with a 63 percent probability of winning, which increased to 75 percent by 9 p.m. on election night as Trump’s lead in key battleground states like Georgia and North Carolina became apparent.

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As early returns from Michigan, Wisconsin, and Pennsylvania indicated a favorable outcome for Trump, his odds on the site climbed to over 90 percent.

Reports suggest that accusations in some media outlets may have played a role in prompting the raid.

According to sources, the Biden-Harris Department of Justice could be using allegations of “market manipulation” and claims that Polymarket allegedly skewed its betting odds to favor Trump as grounds for its investigation. “This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election,” the source asserted.

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A Polymarket spokesperson confirmed that Coplan was not arrested and that he currently faces no criminal charges.

In response to the FBI’s actions, the spokesperson defended Polymarket’s business model, emphasizing its transparency. “Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections,” the spokesperson told the New York Post.

“We charge no fees, take no trading positions, and allow observers from around the world to analyze all market data as a public good.”

Coplan acknowledged the raid in a social media post later that day, writing, “New phone, who dis?” on X, formerly known as Twitter, though he offered no further details.

Polymarket, though popular internationally, does not allow U.S.-based betting on its platform. Users within the U.S. have historically used VPNs to bypass restrictions, though the company itself prohibits domestic betting.

Last week, Coplan announced plans for Polymarket’s return to the U.S., a significant development following the company’s legal challenges.

In 2022, Polymarket had to pause operations in the United States and pay a $1.4 million fine to the Commodity Futures Trading Commission (CFTC) for failing to register with the agency.

Since that time, the platform has been accessible only to bettors outside the U.S.

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