**Federal Agents Raid Polymarket CEO’s Soho Apartment in Early Morning Sweep**

In an unexpected raid early Wednesday morning, federal agents stormed the Soho apartment of Shayne Coplan, the 26-year-old founder and CEO of Polymarket. According to reports from Axios and the New York Post, the agents seized numerous electronic devices during the operation.

The timing of the raid is noteworthy as it follows closely on the heels of Coplan’s prediction platform, Polymarket, forecasting Donald Trump's victory in the 2024 presidential election ahead of national polls. A source cited by the Post revealed that FBI agents demanded access to Coplan's phone and other electronic devices at around 6:00 a.m. The focus of the investigation, whether it be Coplan himself or Polymarket, remains uncertain at this time.

Shayne Coplan, who founded Polymarket in 2020 after a brief stint studying computer science at NYU, has seen rapid growth with his blockchain-based prediction marketplace. Polymarket allows users to bet on outcomes of political elections, economic indicators, and popular awards by buying and selling shares. The platform has already surpassed $3 billion in trading volume this year alone. Operating on the Polygon network, which functions atop Ethereum, Polymarket offers the efficiency of lower transaction fees and accepts wagers in stablecoin USDC. Recently, it expanded its payment options to include debit and credit cards.

Coplan explained the concept behind Polymarket in an August interview with Forbes, stating, "Polymarket effectively takes what otherwise would be an Internet yelling match and turns that into a market where the person who's right wins.”

In response to the raid, a Polymarket spokesperson hinted at political motivation, suggesting that it was "obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election." Polymarket emphasizes its role as a transparent prediction market that aids everyday people in understanding critical events, including elections.

Both Polymarket and the FBI have thus far declined to comment on the situation.