The FBI seized Polymarket CEO Shayne Coplan's phone and other electronic devices early Wednesday, just over a week after the prediction market platform successfully predicted a victory for President-elect Donald Trump.
The seizure, revealed to the New York Post by sources familiar with the matter, has led to accusations that the raid was politically motivated.
Coplan, a 26-year-old entrepreneur, was reportedly woken up at 6 a.m. in his Soho apartment by federal agents demanding his devices. “This is political theater at its worst,” a source familiar with the matter told The Post. “They could have demanded these devices from his lawyer, but instead they apparently opted for a high-level raid to gain political clout.”
The FBI has not explained the reasoning behind the seizure, but sources suggest the government may be pursuing allegations of market manipulation and that Polymarket may have influenced prediction markets in favor of Trump’s candidacy. This development comes after Polymarket’s forecasts diverged from mainstream polls by correctly predicting a Trump victory, a result that defied many traditional polls.
Although Coplan has not been charged, the seizure underscores the scrutiny digital prediction markets can face when they intersect with politically sensitive topics.
*This is not investment advice.