On November 13, the FBI reportedly raided the New York home of Polymarket CEO Shayne Coplan, seizing his phone and other electronics. The raid occurred at 6:00 AM, and sources indicated that Coplan was awakened by law enforcement officials. Although he appeared to confirm the reports via a post from a new phone, a close associate described the raid as 'grand political theatre' meant to gain media attention. Speculation suggests that the government may be investigating potential market manipulation related to Polymarket, particularly concerning betting on the recent presidential election, which saw Donald Trump win. Despite the raid, no arrest was made. The incident has raised concerns about the implications for decentralized prediction markets, especially since US residents are prohibited from betting on the platform, although many use VPNs to bypass this restriction.

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