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FBI seizes Polymarket CEO’s phone and electronics after gambling platform predicts Trump will win: source
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FBI seizes Polymarket CEO’s phone and electronics after gambling platform predicts Trump will win: source

FBI agents raided Polymarket CEO Shayne Coplan’s Manhattan apartment early Wednesday morning — just a week after the election betting platform successfully predicted Donald Trump’s stunning victory, The Post has learned.

The 26-year-old entrepreneur was woken from bed in his Soho office at 6 a.m. by U.S. law enforcement officers who demanded he hand over his phone and other electronic devices, a source close to the case told The Post.

It is “grand political theater at its worst,” the source told The Post. “They could have asked his lawyer for all these things. Instead, they staged a pretend raid so they could leak it to the media and use it for obvious political reasons.”

The FBI has seized Polymarket founder and CEO Shayne Coplan’s phone and electronics, a source told The Post. Matthew Reeves/BFA.com/Shutterstock

Coplan was not given a reason for the raid, but the source suspects it was political retaliation as Polymarket accurately predicted an easy Trump victory over Vice President Kamala Harris – contrary to traditional polls.

The source also speculated that the administration is likely to piggyback on liberal media reports accusing Polymarket of market manipulation and manipulating its polls in Trump’s favor.

“This is clear political retaliation by the outgoing administration against Polymarket for providing a market that rightly called the 2024 presidential election,” the source said.

Coplan has not been arrested or charged, a Polymarket spokesperson told The Post on Wednesday evening.

“Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections,” the representative said.

Coplan has not been arrested or charged, a Polymarket spokesperson told The Post on Wednesday evening. Polymarkt

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

The FBI did not immediately respond to a request for comment.

Coplan posted on X after his run-in with the FBI: “New phone, who has this?”

Polymarket does not allow trading in the US, although gamblers can get around the ban by accessing the site via VPN.

The FBI investigation comes a week after Coplan said Polymarket plans to return to the US.

The platform — which showed Trump with a 58.6% chance of winning the morning before Election Day and Vice President Kamala Harris’ chances at 41.4% — has also been linked to Trump and his allies.

The platform showed Trump had a 58.6% chance of winning the morning before Election Day and Vice President Kamala Harris’ chances at 41.4%. REUTERS

Billionaire Trump supporter Peter Thiel raised about $70 million in funding for Polymarket earlier this year, according to a Forbes report.

Coplan has also been photographed looking cozy with Donald Trump Jr.

In 2022, the online gambling platform was forced to pause its trading in the US and pay a $1.4 million fine to settle charges with the Commodity Futures Trading Commission that it had failed to register with the agency.

The source said the government is likely trying to accuse Polymarket of political retaliation. Above, Coplan with Zillow co-founder Spencer Rascoff in August. Matthew Reeves/BFA.com/Shutterstock

Since then, the platform has only been available to gamblers in other countries. After the election, a mysterious French trader raked in as much as $85 million in profits on Trump bets — more than $50 million more than previously reported, the Wall Street Journal reported Wednesday.

A week before the election, a Fortune report said that analysts from two crypto research firms found widespread evidence of wash trading on Polymarket – an illegal form of market manipulation in which a trader buys and sells the same entity to create a false impression of market activity . .

“Polymarket’s terms of use expressly prohibit market manipulation,” a Polymarket spokesperson said in a statement to Fortune.

The gambling platform is closely monitored by the French gambling regulator Autorité Nationale des Jeux, to ensure Polymarket complies with the country’s laws.

“We are aware of this site and are currently investigating its operation and compliance with French gambling laws,” a spokesperson for the regulator told Bloomberg.

The Autorité Nationale des Jeux did not immediately respond to a request for comment.

Polymarket declined to comment on the French investigation.

Polymarket has been linked to Trump and his allies. Polymarkt

New gambling markets must receive prior approval from the regulator.

The so-called French whale who cashed in on Trump’s victory goes by the alias Théo. He previously said his bets were simply about making money and denied claims he was trying to influence the election outcome.

“I have nothing more to add,” Théo told The Wall Street Journal in his latest email on Monday. “To be honest, I’m a bit fed up with the whole thing – I’d like to get back to my normal everyday life.”