FBI raids home and seizes phone of Polymarket founder  The Guardian

The French “whale” who bet millions on a Trump win raked in about $85 million in profits – more than $50 million more than previously reported, according to a report. The anonymous bettor, who goes by Théo, was previously believed to operate four separate accounts on Polymarket, the online betting…

The FBI raided Polymarket CEO Shayne Coplan's Manhattan apartment, seizing his phone and electronic devices. A source close to the matter told The New York Post it was politically motivated due to Polymarket's successful prediction of Trump's election win. It's "grand political theater at its worst," the source said. "They could have asked his lawyer for any of these things. Instead, they staged a so-called raid so they can leak it to the media and use it for obvious political reasons." Although no charges were filed, the raid has sparked controversy, with speculation of political retribution and concerns over potential market manipulation, as Polymarket faces scrutiny both in the U.S. and from French regulators. The New York Post reports: Coplan was not arrested and has not been charged, a Polymarket spokesperson told The Post on Wednesday evening. "Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections," the rep said. "We charge no fees, take no trading positions, and allow observers from around the world to analyze all market data as a public good." Coplan posted on X after his run-in with the feds: "New phone, who dis?" Polymarket does not allow trading in the US, though bettors can bypass the ban by accessing the site through VPN. The FBI's investigation comes a week after Coplan said Polymarket is planning to return to the US. [...] In 2022, the online gambling platform was forced to pause its trading in the US and pay a $1.4 million penalty to settle charges with the Commodity Futures Trading Commission that it had failed to register with the agency. [In France, regulators are investigating Polymarket's compliance with national gambling laws, with concerns about unauthorized gambling activities within the country.] A Fortune report published a week before the election found widespread evidence of wash-trading on Polymarket. "Polymarket's Terms of Use expressly prohibit market manipulation," a Polymarket spokesperson told Fortune in a statement.

Read more of this story at Slashdot.

The FBI conducted a raid at Polymarket CEO Shayne Coplan's home Wednesday morning, a company spokesperson told BI.

The FBI has raided the New York City home of betting website Polymarket's founder and chief executive, according to reports.

A source said that the government is allegedly trying to accuse Polymarket of market manipulation and rigging its polls in favour of Trump.

A source said that the government is allegedly trying to accuse Polymarket of market manipulation and rigging its polls in favour of Trump.

NEW YORK — Federal law enforcement agents raided the downtown New York home of Polymarket CEO Shayne Coplan on Wednesday, seizing his phone and electronics, the company confirmed. The early morning raid of Coplan's SoHo apartment followed last week's presidential election, in which bettors on Polymarket, an offshore, crypto-fueled election gambling website, had for weeks put Donald Trump's odds drastically higher than those of Vice President Kamala Harris, in sharp divergence from opinion polls. Coplan, Polymarket's 26-year-old founder, was roused from his bed at 6 a.m. by FBI agents demanding he give them his electronic devices. The DOJ is investigating Polymarket for allegedly allowing U.S.-based users to bet on the site, Bloomberg News reported Wednesday evening. Polymarket declined to comment on those allegations, but a spokesperson said the FBI raid was "obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election." The company told Reuters that Coplan had not been arrested or taken into custody. The FBI declined to comment. The Department of Justice and the White House did not respond to requests for comment on the raid. In the run-up to the presidential election, the site gained widespread attention for the way it placed Trump's odds high above those of Harris, when opinion polls had for months shown the race in a dead heat. Polymarket, which does not allow trading in the U.S., also gained scrutiny after a mystery French trader, known as the Polymarket whale, made large bets on Trump winning the election. The trader's huge wagers came in tandem with a dramatic rise in Trump's chances on the exchanges. He walked away with more than $46 million in profit. Last week, France's gambling regulator said it was examining whether Polymarket complies with French laws.