NEW YORK CITY — The FBI seized a cellphone and other electronic devices of betting site Polymarket’s CEO Shayne Coplan in a raid on his New York City apartment early Wednesday, according to a source familiar with the matter.
The search comes shortly after the company’s markets wagered correctly and controversially in Donald Trump’s favor in bets for who would win the presidential election, despite opinion polls showing a tight race.
The source said it’s not clear if Coplan or Polymarket are targets of an investigation.
Polymarket, which Coplan founded in 2020, has recently been the subject of intense debate and scrutiny over its creation of election betting markets.
The company brought in more than $3.6 billion from bets placed on the presidential election, including $1.5 billion on Trump and $1 billion on Vice President Kamala Harris, according to an NBC News analysis.
Persons:
Shayne Coplan, Donald Trump’s, Coplan, “, Kamala Harris, Polymarket, Biden, ” Coplan, ” Shayne Coplan, Matthew Reeves, ” Nicholas Biase
Organizations:
FBI, New, Trump, NBC, Futures Trading Commission, NBC News, Polymarket, U.S Attorney’s Office, of
Locations:
New York City, cryptocurrency, Polymarket, Chicago, Southern, of New York