The Polymarket CEO, Shayne Coplan, was raided by the FBI on Wednesday, and his phone and computer equipment were seized. Polymarket is a crypto betting platform that correctly predicted the 2024 presidential election, with users correctly guessing that Republican Donald Trump would win. The New York Post reported that the FBI conducted the raid without a warrant, and the 26-year-old CEO was not arrested.
Polymarket stated that they are a fully transparent betting and prediction market that helps people better understand the events that matter most to them. In 2022, Polymarket will cease operations in the US after reaching a $1.2 million settlement with the Commodity Futures Trading Commission (CFTC).
However, the prediction market can still be accessed by Americans via VPN. The Justice Department is investigating Polymarket for allowing US users to bet on the platform.
