FBI seizes Polymarket CEO’s devices to allegedly probe potential market manipulation in elections bets

The FBI seized Polymarket CEO Shayne Coplan’s telephone and electronics on Nov. 13, based on the New York Publish reported, citing a supply.

In accordance with the report, the supply stated the administration would attempt to accuse Polymarket of market manipulation and manipulating its polls in favor of Trump. Nevertheless, on the time of writing, there is no such thing as a affirmation of the supply’s claims.

Moreover, the supply stated that Coplan was woken up at 6 a.m. ET by regulation enforcement officers at his Soho residence, who confiscated his gadgets with out offering a transparent rationalization.

The supply additionally emphasised that the federal government may have requested the gadgets by way of Coplan’s lawyer as a substitute of staging an early morning seizure.

Accusations of political motivations

The supply claimed the seizure was politically motivated, calling it “grand political theater at worst” and speculating that authorities focused Polymarket for its correct prediction of the election end result. It added:

“That is clear political retaliation by the outgoing administration in opposition to Polymarket for offering a market that rightly known as the 2024 presidential election.”

Polymarket’s predictions particularly have been extra precisely then polls within the mainstream media, with Ethereum co-founder Vitalik Buterin praising the potential of the platform as an efficient supply of knowledge.

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Gino Matos

Reporter at CryptoSlate

Gino Matos is a regulation graduate and a seasoned journalist with six years of expertise within the crypto trade. His experience focuses totally on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).

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Assad Jafri

Editor and reporter at CryptoSlate

A passionate journalist since Yemen’s Arab Spring in 2011, AJ has honed his abilities globally for greater than a decade. Specialised in monetary journalism, he now focuses on crypto reporting.