By Breitbart News Network | Created at 2024-11-14 14:53:09 | Updated at 2024-11-28 13:50:24
1 week ago
Federal agents seized the phone and electronic devices of Polymarket CEO Shayne Coplan in an early morning raid on his Manhattan apartment, just a week after the crypto betting platform correctly predicted Donald Trump’s stunning 2024 presidential election win.
The New York Post reports that the FBI conducted an early morning raid on the Soho apartment of 26-year-old Shayne Coplan, the founder and CEO of the prediction market platform Polymarket. According to a source close to the matter, Coplan was not provided with a reason for the seizure of his phone and other electronics, but the raid is suspected to be politically motivated.
The source believes that the government’s actions are a form of “grand political theater” and retribution against Polymarket for accurately predicting a landslide victory for Donald Trump over Vice President Kamala Harris in the 2024 presidential election. Traditional polls had indicated a different outcome, making Polymarket’s successful prediction stand out.
Speculation also suggests that the FBI may be acting on recent leftist media reports accusing Polymarket of market manipulation and rigging its polls in favor of Trump. However, a Polymarket spokesperson stated that the platform is “fully transparent” and allows observers from around the world to analyze all market data as a public good.
Despite the raid, Coplan was not arrested or charged. He later posted on X/Twitter, “New phone, who dis?” indicating his reaction to the situation. He added another tweet shortly after the raid in which he criticized the Biden administration:
Polymarket, which does not allow trading in the US but can be accessed by bettors using a VPN, has been planning to return to the US market. The platform has also been linked to Trump allies, with billionaire Trump supporter Peter Thiel reportedly raising around $70 million in funding for the company.
In 2022, Polymarket was forced to pause trading in the US and pay a $1.4 million penalty to the Commodity Futures Trading Commission for failing to register with the agency. Since then, the platform has only been available to bettors in other countries.
Following the election, a mystery French trader known as “Théo” reportedly reaped millions in profits on Trump bets placed on Polymarket. As Breitbart News previously reported:
The 2024 U.S. presidential election has not only seen the historic return of Donald Trump to the White House but also the emergence of a French betting “whale” who has turned his bold predictions into a massive windfall. The mysterious trader, identified only as Théo, placed a total of $30 million in wagers across four separate accounts on polymarket, billed as “the world’s largest prediction market,” betting on Trump to win both the Electoral College and the popular vote.
As the election results rolled in, confirming Trump’s defeat of incumbent Vice President Kamala Harris, Théo’s risky bets paid off handsomely. The Theo4 Polymarket account alone secured approximately $22 million in profits, while the trader’s three other accounts – Fredi9999, PrincessCaro, and Michie – collectively gained an additional $26 million. This brings Théo’s total earnings to an astonishing $48 million, catapulting him to the top of Polymarket’s all-time winnings board.
Read more at the New York Post here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship.
