FBI Raids Polymarket CEO’s Home As DOJ Probes the Decentralized Betting Platform: Report

The Federal Bureau of Investigation has reportedly served a search warrant on the house of Shayne Coplan, the CEO of decentralized prediction and betting platform Polymarket.

Citing a supply who requested anonymity, Bloomberg studies that the FBI seized Coplan’s telephone and electronics through the raid, which occurred simply because the U.S. Division of Justice (DOJ) was investigating Polymarket for allegedly settle for transactions from US-based customers.

Polymarket permits customers to position bets on the result of future occasions by buying and selling shares of USDC stablecoin. In 2022, the platform settled an enforcement motion with the Commodity Futures Buying and selling Fee (CFTC) and agreed to dam US-based merchants from executing trades.

Polymarket’s reputation soared when customers of the platform have been in a position to guess limitless quantities on their favourite candidates within the US presidential elections. The betting market additionally accurately predicted that former President Donald Trump would win.

Polymarket says the FBI’s search was politically motivated. In a press release on social media platform

“We’re deeply dedicated to being nonpartisan, and as we speak isn’t any completely different, however incumbents must do some self-reflection and acknowledge {that a} extra pro-business, pro-startup strategy might have modified their destiny this election. .

Polymarket has added worth to tens of thousands and thousands of individuals this election cycle whereas harming nobody. We’re extraordinarily happy with that.”

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