Shayne Coplan, the CEO of the leading prediction market in the industry has reacted after the Federal Bureau of Investigation (FBI) raided his New York home and seized his phones.
Polymarket which was founded by Mr Coplan has garnered a lot of attention throughout the United States Presidential election cycle. The attention peaked when the platform correctly predicted a Donald Trump victory long before it became official.
Local reports confirmed that Mr Coplan’s New York home was raided as early as 6 AM yesterday with the founder in his home when the FBI arrived.
His phones were impounded by the FBI and Mr Coplan was not given an apparent reason for the raid.
The CEO has reacted to the whole drama after long hours of silence revealing his position and resolve on the issue.
Mr Coplan took to X to share his reaction while blaming the current administration for witch-hunting perceived players in the unsuccessful candidacy of the ruling party.
“It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents.
We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting and recognize that taking a more pro-business, pro-startup approach may be what would have changed their fate this election.
Polymarket has provided value to 10’s millions of people this election cycle while causing harm to nobody.
We’re deeply proud of that. I’m also proud to say that the future of America, and in particular American entrepreneurship, has never been brighter. In the face of adversity, we build” Coplan tweeted.
Polymarket’s accurate prediction of the elections
Polymarket gathered tons of media attention throughout the election campaign season. The prediction platform was used as an accurate measure of momentum following the odds of the two candidates winning the election.
Donald Trump was leading on the platform weeks before election day. On election day Trump’s odds shot up to a staggering 93% against Kamala’s 3% which confirmed Trump’s victory long before it became official.
Polymarket also witnessed a lot of big winners with a particular user bagging $79 million across 4 accounts. Polymarket has come under harsh criticism in various jurisdictions. The French government has threatened to ban it in a bid to prevent its populace from betting on the French elections.
What to Know
- Polymarket is banned in the United States and its citizens are not allowed to use the platform.
- The Polymarket team raised a whopping $80 million from Peter Thiel’s Founder Fund and is actively pursuing other plausible fundraising.
- Polymarket is a prediction platform where users can bet on the outcome of world events. The platform was made extremely popular by the US presidential election, and analysts worry it might lose relevance now the elections are over.
