In a high-profile raid, federal agents seized electronic devices from Polymarket CEO Shayne Coplan’s New York apartment early Wednesday morning. The raid comes on the heels of the 2024 U.S. presidential election, where Polymarket, a crypto-powered offshore betting platform, showed Donald Trump’s odds of winning as significantly higher than those of Kamala Harris, creating a stark contrast to public opinion polls.

According to a report from Reuters, Coplan, 26, was awoken around 6 a.m. as agents demanded his phone and other electronics. The incident is reportedly tied to an ongoing Department of Justice investigation into Polymarket's practices, with specific allegations suggesting that the platform may have enabled U.S. residents to participate in betting activities—a potential violation given the company's offshore operations.

Polymarket, while confirming the raid, labeled it "political retribution" by the departing administration due to the platform’s accurate election predictions. Despite the dramatic seizure, no arrests were made, and Coplan was not detained.

Betting Trends and Suspicious Activity in the Lead-Up to the Election

As the election drew near, Polymarket made headlines by predicting Donald Trump’s odds as significantly stronger than Kamala Harris's, even as most polls pointed to a close race. This sparked a surge of scrutiny, particularly after a prominent trader, known as the "Polymarket Whale," placed massive bets on Trump. The trader, later revealed to be based in France, reaped an estimated $46 million in profits as Trump’s odds soared on the platform.

The large-scale wagers caught the attention of French regulators, who launched an investigation into whether Polymarket was adhering to local gambling laws, adding further complications to the platform’s legal challenges.

With both U.S. and French agencies now monitoring Polymarket’s operations, the platform is under intensified regulatory and political scrutiny, making it a focal point for debates on the legality of crypto-based betting and international gambling laws.