FBI seizes Polymarket CEO’s devices to allegedly probe potential market manipulation in elections bets

The FBI seized the phone and electronics of Polymarket CEO Shayne Coplan on Nov. 13, the New York Post reported, citing a source. 

According to the report, the source said the government is allegedly trying to accuse Polymarket of market manipulation and rigging its polls in favor of Trump. However, as of press time, there is no confirmation of the source’s claims.

Additionally, the source shared that Coplan was woken at 6:00 A.M. ET by law enforcement agents at his Soho residence, who seized his devices without providing a clear explanation.

The source also highlighted that the government could have requested the devices through Coplan’s attorney rather than staging an early morning seizure.

Allegations of political motivations

The source alleged that the seizure was politically motivated, calling it a “grand political theater at worst” and speculating that authorities targeted Polymarket due to its accurate election outcome prediction. It added:

“This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election.”

Notably, Polymarket’s predictions were more accurate than mainstream media polls, with Ethereum co-founder Vitalik Buterin praising the platform’s potential as an effective source of information.

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Gino Matos

Reporter at CryptoSlate

Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).

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Assad Jafri

Editor & Reporter at CryptoSlate

AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.