The Federal Bureau of Investigation has reportedly served a search warrant on the home of Shayne Coplan, the CEO of decentralized prediction and betting platform Polymarket.
Citing a source who requested anonymity, Bloomberg reports that the FBI seized Coplan’s phone and electronics during the raid, which happened just as the U.S. Department of Justice (DOJ) was investigating Polymarket for allegedly accept transactions from US-based users.
Polymarket allows users to place bets on the outcome of future events by trading shares of USDC stablecoin. In 2022, the platform settled an enforcement action with the Commodity Futures Trading Commission (CFTC) and agreed to block US-based traders from executing trades.
Polymarket’s popularity soared when users of the platform were able to bet unlimited amounts on their favorite candidates in the US presidential elections. The betting market also correctly predicted that former President Donald Trump would win.
Polymarket says the FBI’s search was politically motivated. In a statement on social media platform
“We are deeply committed to being nonpartisan, and today is no different, but incumbents need to do some self-reflection and recognize that a more pro-business, pro-startup approach could have changed their fate this election. .
Polymarket has added value to tens of millions of people this election cycle while harming no one. We are extremely proud of that.”
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