What is Polymarket? Andrew Tate and more react as Shayne Coplan tweets after FBI raids his home, seizes all devices
The FBI raided the house of Shayne Coplan, the Chief Executive Officer of the betting site Polymarket, on Wednesday, November 13, 2024. During the raid, the authorities seized Shayne’s phone and many other electronic devices. However, the company claimed that Coplan himself was not arrested after the raid.
The raid by the FBI took place a week after the election betting platform predicted that Donald Trump would be the winner in the elections, in contrast to the traditional opinion polls. While the DOJ is currently investigating the case, a spokesperson reported to Reuters:
“The FBI raid was obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election.”
Furthermore, it is also worth noting that the news about Shayne’s phone being seized by the authorities was confirmed by the CEO himself, as he posted on X on November 14, 2024:
“New phone, Who dis?”
As soon as his post went viral, several people, like Andrew Tate, Faze Banks, Jeremy Kauffman, and others, commented on the post.
“See you in jail friend,” Andrew Tate wrote.
“Bullish,” Faze Banks commented.
“I hope you tell the FBI that what they are doing is shameful and anti-American,” Jeremy Kauffman added.
“Can we get a polymarket prediction market on whether this one will be confiscated by the end of November?” Josh Cincinnati exclaimed.
For the unversed, Polymarket is a prediction market where traders can place bets on various future events - awards, politics, economy, and even weather. Shayne Coplan founded the organization in 2020.
“Polymarket is a fully transparent prediction”: Company representatives’ statement explored as Shayne Coplan’s house gets raided
As the news about Shayne Coplan’s house being raided blew on social media, a source close to Shayne Coplan came forward and spoke to The New York Post and said:
“It’s grand political theatre at its worst. 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.”
Furthermore, The New York Post stated that the source who spoke to the media outlet suggested the government might be building on reports from liberal media that claim the company is manipulating markets and rigging polls to support Trump. However, they clarified that “Polymarket is a fully transparent prediction market,” as they stated:
“Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections. We charge no fees, take no trading positions, and allow observers from around the world to analyze all market data as a public good.”
While the FBI and the authorities declined to comment on the case as of now, The New York Post also reported that the fiasco happened just a week after Coplan made a public announcement about the Polymatket returning to the USA, as the company had been paused in the US in 2022 due to legal issues.
