FBI Raids Polymarket CEO’s NYC Home in Explosive Post-Election Investigation

Early-Morning Raid Sparks Controversy

Federal law enforcement agents stormed the downtown New York apartment of Polymarket CEO Shayne Coplan early Wednesday, seizing his phone and electronic devices, the company has confirmed. The 6 a.m. raid at Coplan’s SoHo residence follows last week’s presidential election, during which Polymarket, an offshore crypto-fueled betting platform, drew intense scrutiny for listing Donald Trump’s odds significantly higher than those of Vice President Kamala Harris—contrary to mainstream opinion polls. Polymarket allows users to place cryptocurrency-based wagers on various events, including political elections.

DOJ Investigation Targets U.S. Betting Allegations

According to Bloomberg, the Department of Justice has launched an investigation into Polymarket, reportedly focused on allegations that the platform permitted U.S.-based users to place bets on the election’s outcome—a potential violation of U.S. gambling laws. Coplan, Polymarket’s 26-year-old founder, was allegedly roused from sleep by FBI agents demanding immediate access to his electronic devices.

Company Claims Political Retribution

In a statement, Polymarket suggested that the FBI’s raid was “political retribution by the outgoing administration” due to the company’s election-related predictions. Polymarket also confirmed to Reuters that Coplan has not been arrested or detained, providing a degree of reassurance amidst the ongoing probe. Meanwhile, the FBI, DOJ, and White House have not issued comments on the matter.

High-Stakes ‘Polymarket Whale’ Fuels Regulatory Scrutiny

Polymarket’s visibility surged just before the election as its odds on Trump rose dramatically, partly due to significant wagers from a mysterious French trader known as the ‘Polymarket Whale.’ This high-stakes bettor reportedly earned over $46 million from bets on Trump, raising further scrutiny from both U.S. and French regulators. The term ‘Polymarket Whale’ refers to high-profile bettors who can shift market odds substantially, driving the platform’s popularity—and controversy—during the election season.