FBI seizes Polymarket CEO’s phone following Trump election prediction

Federal agents seized electronic devices from Polymarket CEO Shayne Coplan’s Soho residence early Wednesday morning, a week after the prediction market platform correctly forecast Donald Trump’s presidential election victory.

According to a report by the New York Post, law enforcement officers arrived at the 26-year-old entrepreneur’s home at 6:00 a.m. to confiscate his phone and other electronics, a source close to the matter said.

“They could have asked his lawyer for any of these things. Instead, they staged a so-called raid so they can leak it to the media and use it for obvious political reasons,” the source told The Post, describing the incident as “grand political theater at its worst.”

Although no official reason was given for the seizure, the source believes it was political retaliation for Polymarket’s accurate prediction of Trump’s win over traditional polling.

They suggested the government may allege market manipulation and poll rigging in Trump’s favor as part of this response to the platform’s correct forecast of the 2024 election outcome.

A Polymarket spokesperson defended the platform as a fully transparent prediction market that helps people understand significant events, including elections.

Following Trump’s win, Polymarket has continued to offer users the opportunity to bet on predictions related to his policies and campaign promises.

Among the new markets are bets on Trump’s potential action to end the Ukraine war before his inauguration and his pledge to pardon Silk Road founder Ross Ulbricht within his first 100 days.