Crypto Bet Controversy: Raid on Polymarket CEO's Home Exposes Election Gambling Anomalies

Federal agents raided the home of Polymarket CEO Shayne Coplan, seizing electronics following a controversial presidential election. Polymarket, a prediction market platform, faced scrutiny for its election odds and a French trader's high-profit bets on Trump. The site is under investigation for compliance with French laws.

Federal law enforcement agents carried out a raid at the downtown New York residence of Polymarket CEO Shayne Coplan early Wednesday morning, confiscating his electronic devices. Polymarket, known as a crypto-based election gambling site, notably betted Donald Trump's chances far above those forecasted for Vice President Kamala Harris, diverging from public opinion polls.

The raid in Coplan's SoHo apartment came after the recent presidential election, with Coplan being confronted by FBI agents at 6 a.m., according to the New York Post. The agents demanded access to his electronic devices amid growing scrutiny of Polymarket's operations.

A Polymarket spokesperson has defended the platform as a transparent prediction market, maintaining that Coplan has not been arrested. French authorities are assessing the legality of Polymarket's operations within France after a mystery trader earned a $46 million profit from betting on Trump.

(With inputs from agencies.)