- Polymarket’s CEO Shayne Coplan was investigated by the FBI at his home on Wednesday.
- The betting market accurately predicted Trump’s win over Harris in the US elections.
The crypto market is getting accustomed to being mind-blown every few days as Bitcoin continues on its upward rally. In the last few hours, the cryptocurrency has rallied to a new ATH of $93,434. Meanwhile, amid positive incidents within the sector, Polymarket’s CEO, Shayne Coplan, faced regulatory scrutiny.
The betting market’s CEO woke up on Wednesday morning to see the US FBI storm his Manhattan apartment and seize his mobile phone. This instance has caused quite an uproar at the global level as the basis for the search was not sighted then. Moreover, the FBI raid occurred just a week after Polymarket’s accurate predictions of the US election results.
On the other hand, the CEO, Shayne Coplan, took to his X account to state that the current government has made a ‘last-ditch effort’ to go after companies that they believe are associated with political opponents.
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
A New York Times source stated that the incident was an ‘obvious political retribution by the outgoing administration’. Several other community members have expressed concerns about the arrest. It has also led to speculations that the Polymarket CEO’s home raid was an aftermath of the election results as the betting market predictions have come true.
What was Polymarket’s Role in the US Elections?
Previously, during the election campaign season, Polymarket played host to several political-related bets. The betting market also acted as a form of exit poll and a survey of citizens’ attitudes toward presidential candidates.
During the Trump Vs. Biden campaign, the betting market clearly leaned towards the odds of Trump winning the elections. However, on Harris’s entrance, the polls showed Trump and Harris going neck-to-neck on election wins. In the coming days, these polls changed to the aforementioned predictions.
Moreover, Coplan also stated that Polymarket provided value to millions of people during this season. Several members made significant profits from the betting market on Trump’s win as per reports.