KEY POINTS
- A Polymarket spokesperson said the raid was an 'obvious political retribution'
- Crypto users are urging Elon Musk and Vivek Ramaswamy to 'make things right'
The feds raided the home of Shayne Coplan, CEO of decentralized market prediction platform Polymarket on Wednesday, multiple outlets reported.
The raid took place early Wednesday in Coplan's downtown New York City residence, a week after the U.S. elections that were widely won by Republicans.
Multiple outlets reported that FBI agents roused Coplan, 26, from his sleep and seized his phone and electronic devices.
A spokesperson for Polymarket said the raid was "obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the presidential election."
Coplan was not arrested or taken into custody. Bloomberg also reported that the U.S. Justice Department is investigating Polymarket for allegedly allowing American users to bet on its event contracts.
U.S.-based Polymarket users have been blocked from trading their crypto on the platform as part of a settlement with the U.S. Commodity Futures Trading Commission (CFTC) in 2022 that ended in a $1.4 million fine.
Polymarket did not immediately respond to International Business Times' request for comment.
Coplan Talks 'Discouraging' Experience
Following news of the raid and seizure of his electronics, the crypto executive took to X to share what he said was a "discouraging" experience. He did not directly mention the raid, but his statements were similar to the Polymarket spokesperson's remarks.
"It's discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents," he wrote.
It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents. We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting…
— Shayne Coplan 🦅 (@shayne_coplan) November 13, 2024
He reiterated that Polymarket is "committed to being non-partisan." He said the incumbent government "should do some self-reflecting and recognize that taking a more pro-business, pro-startup approach may be what would have changed their fate this election."
The cryptocurrency industry rallied behind Coplan and Polymarket, including tech titan Elon Musk, who had just been tabbed alongside Vivek Ramaswamy to lead the Department of Government Efficiency.
Political activist Jeremy Kauffman said the "persecution" Polymarket experienced is a "perfect example of massive harm caused by [a] rogue administrative state," and one crypto user said the incumbent government is "afraid of what they can't control."
Prominent crypto investor Ryan Sean Adams said the targeting of Coplan was "bone-chilling", especially with how Polymarket provided a platform for people to predict a Trump win.
Being reported that the FBI raided Polymarket founders home this morning & seized his phone and electronics.
— RYAN SΞAN ADAMS - rsa.eth 🦄 (@RyanSAdams) November 13, 2024
They gave him no reason.
Polymarket predicted Trump would win.
This looks like political retribution and is actually bone chilling.
WTF is this administration doing. pic.twitter.com/QaBKrSNA2x
Crypto Community Urges D.O.G.E Leaders to Fix the Issue
Crypto users are now calling on the Tesla CEO and his co-chair of the D.O.G.E agency to "make things right."
"This is why DOGE was created," wrote well-followed trader Borovik.
They will make everything great again
— Jeremy (@Jeremyybtc) November 13, 2024
More denial is in place as @Polymarket CEO gets raided by theFBI. #crypto #blockchain #digitalassets - @elonmusk Not too soon before a takeover in DC changes these antics. pic.twitter.com/6i3PRrVvUv
— PaulBarron (@paulbarron) November 13, 2024
The DOJ and FBI have yet to release a statement regarding the reported raid on Coplan's home. Polymarket continues to operate as usual.
