FBI Raids Polymarket CEO's New York Apartment

FBI agents raided the Manhattan apartment of Polymarket CEO Shayne Coplan on November 13, reportedly as part of an investigation into regulatory compliance, particularly regarding U.S. users betting on elections. The raid followed Polymarket's successful prediction of Donald Trump's electoral victory, which has led to claims of 'political retribution' from the platform's representatives. Coplan's electronic devices were confiscated, and he suggested that the raid was an attempt to intimidate those associated with politically sensitive markets. The platform has faced scrutiny from regulators, including a recent $1.4 million fine from the CFTC. Many in the crypto community, including figures like Brian Armstrong from Coinbase, have criticized the raid as an overreach that may stifle innovation. As Polymarket seeks further venture capital, the incident raises significant questions about the future of decentralized prediction markets amid regulatory challenges.