Polymarket has been making headlines throughout the US elections. It continues to appear in the news even after the results as Federal law enforcement agents raided the house of the man behind the betting firm. During the raid, the FBI confiscated Shayne Coplan’s phone and other electronic devices.
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Why Did the FBI Raid Polymarket CEO’s House?
At six in the morning, FBI agents woke up Coplan, the 26-year-old founder of Polymarket, and demanded that he turn over his personal devices. After this, the CEO took to X and said,
In the US, it is illegal to place bets or make predictions on Polymarket. Despite this, users can brush off this restriction by using virtual private networks (VPNs). The business said a week ago that it will start up again in the United States.
Back in 2022, Polymarket was compelled to halt trading and pay a $1.4 million punishment to the Commodity Futures Trading Commission (CFTC) for not registering with the organization as required. It should be noted that French authorities are also investigating the platform to make sure it complies with national regulations.
The raid, according to Polymarket, was punishment for its customers’ heavy wagers on Donald Trump winning the election. In contrast to the majority of conventional surveys, the website showed a high probability of Trump winning before the election, while Kamala Harris had a low one. The firm said,
“This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election.”
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Cryptocurrency Community Reacts
Several were taken aback by this ordeal. Coinbase’s CEO Brian Armstrong said in a now-deleted tweet that, “This will backfire – they just made Polymarket even more powerful.” However, he posted a new tweet and suggested that he would wait until all the facts were in.
The Polymarket team has been stressing how “transparent” it is. They even shed light on how it aids the general public to comprehend the events that are most important to them, such as elections.
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