High-Stakes Gamble: Polymarket CEO's Home Raided by FBI

Federal law enforcement agents raided the home of Polymarket CEO Shayne Coplan in downtown New York, investigating the use of his crypto-fueled platform for illegal U.S.-based election betting. The raid occurred after Polymarket defied opinion polls by giving Donald Trump higher chances than Kamala Harris during the election.

Federal law enforcement agents raided the SoHo apartment of Shayne Coplan, the CEO of Polymarket, early Wednesday morning. The raid, confirmed by the company, involved the seizure of Coplan's phone and electronics.

The timing of the raid, coming shortly after the presidential election, is significant. Polymarket, an offshore betting platform driven by cryptocurrency, allowed bettors to give Donald Trump greater odds of winning than those perceived by opinion polls.

The Department of Justice is investigating Polymarket for allegedly permitting U.S.-based users to gamble on the site, actions that could violate federal law. The company claims the raid was politically motivated, although Coplan has not been arrested or taken into custody.

(With inputs from agencies.)