FBI Cracks Down on Polymarket CEO After Predicting Trump’s Election Win
Highlights:
- The US authorities have, via the FBI, cracked down on Polymarket CEO after predicting Trump’s win at the poll.
- An anonymous source that narrated the story speculated that the outgoing administration is possibly getting back at Polymarket for its role in the just concluded elections.
- The Polymarket CEO confirmed the incident while expressing satisfaction with the betting platform’s exploit in the elections.
A few days after correctly predicting Donald Trump’s victory in the United States Presidential Election, multiple credible sources have revealed that the Federal Bureau of Investigation (FBI) recently cracked down on Polymarket’s Chief Executive Officer (CEO), Shayne Coplan.
The incident, which occurred on November 13, saw the FBI officials raid the CEO’s US official residence, Soho pad, at 6:00 a.m. on Wednesday. The unfortunate event culminated in carting away Coplan’s phone and other electronic devices by the FBI agents.
The New York Post (NYP) reported that aside from asking the CEO to hand over his devices, the FBI did not arrest him. Meanwhile, a source that narrated the ugly incident to the NYP described the FBI’s actions as a “grand political theater at its worst.”
According to him, the FBI could have gone through legal means by involving Coplan’s lawyer. While the reason for the raid remains unknown, the anonymous source speculated that the US outgoing administration, led by Joe Biden and Kamala Harris, is taking advantage of unverified news portraying that Polymarket rigged the elections in favor of Trump.
Furthermore, the yet-to-be-identifird source added: “This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election.”
FBI seizes Polymarket CEO’s phone, electronics after betting platform predicts Trump win: source https://t.co/c0fkO9F1Oa pic.twitter.com/Kh2o3ejH5l
— New York Post (@nypost) November 13, 2024
Coplan Breaks Silence After the Unfortunate Scene
As expected, the Polymarket CEO confirmed the ugly incident via a tweet on his official X handle. Per Coplan, the unfortunate event depicted that the outgoing administration was doing all it could to get back at companies that supported its opponents in the just-concluded elections.
“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,” the Polymarket CEO added.
Additionally, Coplan expressed satisfaction in using Polymarket to provide value to over 10 million people during the election cycle. He also expressed optimism that the incoming administration will expand America’s business landscapes.
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’s Exploits and Other Antics in the Concluded US Presidential Elections
It is worth noting that Polymarket is an American-based exchange and one of the leading prediction markets. As a betting platform, Polymarket recorded bets worth over $3.5 billion placed on Donald Trump to emerge as the election winner.
Because of its growing influence, the US authorities banned American citizens from using the prediction platform. However, many inhabitants circumvented the restriction via Virtual Private Networks (VPNs).
Moreover, before the proper elections, Trump’s odds of winning at the polls were significantly wide. For over a month, Trump’s winning odds were an average of 67% against Vice President Kamala Harris’s 33%. After the elections, Polymarket’s and the original US election voting maps via regions emerged side by side. Both charts appeared similar, with no marked differences.
— Polymarket (@Polymarket) November 6, 2024
Meanwhile, before the election result emerged publicly, the Polymarket CEO noted via one of his numerous tweets that the Trump campaign team knew of the former president’s victory through the betting platform. In another tweet, Coplan remarked: “Make no mistake, Polymarket single-handedly called the election before anything else. The global truth machine is here, powered by the people.”
Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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