According to the New York Post, FBI agents seized the phone and electronics of Polymarket CEO Shayne Coplan early on Wednesday morning, just one week after the platform accurately predicted Donald Trump’s election win. Coplan, 26, was reportedly awakened at 6:00 a.m. in his Soho home by law enforcement officers who demanded his devices, as confirmed by a source familiar with the matter.

The source criticized the FBI’s actions, calling it “grand political theater at its worst,” arguing that law enforcement could have simply asked Coplan’s lawyer for the items instead of staging a publicized raid. The source also suggested that this could be politically motivated retaliation for Polymarket’s accurate election prediction, which contradicted traditional polling outcomes.

The government might be attempting to accuse Polymarket of market manipulation and rigging its polls, according to the source. A Polymarket spokesperson emphasized the platform’s transparency and lack of fees or trading positions, stressing its role as a public good for understanding key events like elections.

Coplan was not arrested during the incident, and the FBI did not provide immediate comment on the matter. This report was first published by the New York Post.

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