In a high-profile raid on Nov. 13, FBI agents seized electronics from Polymarket CEO Shayne Coplan’s New York residence. Coplan, the head of the popular prediction market platform, was reportedly awoken at 6:00 a.m. by agents demanding access to his phone and other devices. The incident, which remains under FBI investigation, was confirmed by Polymarket representatives, who suggest the raid may be politically motivated.

A spokesperson for Polymarket criticized the FBI’s actions, calling it “an obvious political retribution” by the Biden administration following Polymarket’s accurate prediction of the recent U.S. presidential election. According to the spokesperson, Polymarket operates transparently, charges no fees, takes no trading positions, and provides open market data for global analysis. Polymarket maintains it serves as an unbiased tool for public insight, claiming, “We look forward to defending ourselves and our community.”

Sources close to Coplan allege the raid was orchestrated for media attention, describing it as “grand political theatre.” They argue authorities could have obtained the required information through Coplan’s legal team rather than a publicized raid, which they believe serves a political agenda.

Speculation has surfaced that the government may be investigating Polymarket for potential market manipulation, with critics alleging that the platform’s vast $3.7 billion in election-related bets might have influenced public opinion. While U.S. residents are technically barred from using Polymarket, some circumvent restrictions with virtual private networks (VPNs). The platform has previously faced regulatory challenges, including a $1.4 million settlement in 2022 for offering unregistered binary options.

As the investigation unfolds, Polymarket continues to defend its position as a neutral prediction tool amid accusations of bias and alleged market influence.