📣 FBI Seizes Phone and Other Electronics from Polymarket CEO
posted 14 Nov 2024
On November 13, 2024, the FBI searched the Manhattan apartment of Shayne Coplan, CEO of the betting platform Polymarket. Agents woke him at 6 a.m. local time, requesting that he hand over his smartphone and other electronic devices.
Coplan was not informed of the reason for the search. According to sources, he was neither detained nor charged. Shortly after the incident, the Polymarket CEO posted on X, hinting that he now has a new smartphone.
The search may have had political motivations. Polymarket users accurately predicted Trump’s victory over his primary opponent Kamala Harris and reportedly created a “self-fulfilling prophecy” effect, potentially implicating the platform in political manipulation.
This incident could represent an attempt to pressure Polymarket due to its perceived involvement in Trump’s campaign.
Shayne himself seemed to support this idea. In his X account, he expressed dissatisfaction with the current administration, asserting that authorities are targeting companies they believe have ties to their political opponents.
This incident could represent an attempt to pressure Polymarket due to its perceived involvement in Trump’s campaign.
Shayne himself seemed to support this idea. In his X account, he expressed dissatisfaction with the current administration, asserting that authorities are targeting companies they believe have ties to their political opponents.
Another possible reason for the search is Polymarket’s plan to resume operations in the U.S. A week prior, the company announced its intention to re-enter the U.S. market. Additionally, according to sources, the Department of Justice is investigating Polymarket for possibly accepting bets from U.S.-based users.
Under an agreement with the Commodity Futures Trading Commission (CFTC) reached in 2022, Polymarket is required to restrict U.S. users from participating in betting activities.
Under an agreement with the Commodity Futures Trading Commission (CFTC) reached in 2022, Polymarket is required to restrict U.S. users from participating in betting activities.
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