### FBI Seizes Polymarket CEO's Electronics Amid Election Betting Controversy

NEW YORK CITY—Early Wednesday morning, the FBI executed a raid on the New York City apartment of Shayne Coplan, the CEO of the betting site Polymarket, seizing his cellphone and other electronic devices. This raid took place just after Polymarket's predictions controversially wagered on Donald Trump winning the presidential election, despite close opinion polls.

Sources familiar with the situation confirmed that the 26-year-old Coplan was at his residence when multiple FBI agents arrived. Although Coplan turned over his devices to the authorities, he has not been arrested nor charged at this time. It remains unclear if Coplan or his company, Polymarket, are the specific targets of an investigation.

Following the raid, Coplan humorously responded by posting "New phone, who dis?" on X. Polymarket, which was founded by Coplan in 2020, has been under heavy scrutiny for its election betting markets. An analysis by NBC News revealed that the company managed to amass over $3.6 billion from election-related bets, including $1.5 billion on Trump and $1 billion on Vice President Kamala Harris.

Speculation continues to rise regarding the identities of significant bettors who placed large sums on Trump and whether the betting markets themselves might have influenced voters. Despite the emerging legality of U.S. election betting in certain scenarios, Polymarket's operations had been halted by the Commodity Futures Trading Commission in 2022, and the platform is technically not supposed to allow U.S. users. However, its usage of cryptocurrency allows for substantial anonymity among its userbase.

Coplan has ardently defended the platform, asserting that it is "nonpartisan." He suggests that the raid represents an attempt by the Biden administration to target businesses perceived to be supportive of political adversaries. "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," Coplan stated on X. He emphasized that Polymarket has immensely benefited millions without causing any harm.

A statement from a Polymarket spokesperson to NBC News echoed Coplan’s sentiments, labeling the raid as "obvious political retribution" by the outgoing administration. The spokesperson highlighted Polymarket's role as a transparent prediction market that provides valuable insights into major events, including elections. They emphasized that the platform operates without charging fees or taking trading positions and allows global observers to examine market data.

Despite the raid and ongoing scrutiny, Polymarket remains steadfast in its commitment to its users and transparency. The company plans to continue helping people understand critical world events through its prediction markets.