FBI Raids Polymarket CEO's Home: Crypto-Betting Under Scrutiny

Federal agents raided the New York home of Polymarket CEO Shayne Coplan, amid scrutiny of the offshore betting platform's election predictions. Despite opinion polls showing a close race, Polymarket users had favored Trump's odds. The raid followed a profitable $46 million bet by a French trader.

Federal law enforcement agents executed a raid on the downtown New York residence of Polymarket CEO Shayne Coplan this Wednesday, seizing his phone and electronics, as reported by the New York Post.

The raid occurred shortly after last week's presidential election, during which Polymarket, an offshore cryptocurrency-based gambling website, had significantly higher odds for Donald Trump compared to Vice President Kamala Harris. This variance was in stark contrast to opinion polls. Coplan, the platform's 26-year-old founder, faced early morning demands from FBI agents for his electronic devices, as noted in the New York Post.

The FBI and Department of Justice have not provided comments on the raid. A Polymarket representative described their platform as a transparent prediction market offering insights into significant events, including elections, without confirming raid details. The site drew more attention during the presidential election when a mysterious French trader's large bet on Trump resulted in over $46 million in profits, triggering scrutiny from France's gambling regulator.

(With inputs from agencies.)