FBI raids home of Polymarket CEO Shayne Coplan: Report
Analysis
Price Impact
HighThe fbi raid on polymarket's ceo could create uncertainty and fear among investors, leading to a potential sell-off.
Trustworthiness
HighThe fbi's involvement suggests a serious investigation, potentially impacting the platform's future and regulatory landscape.
Price Direction
BearishNegative news surrounding a platform's leadership and potential legal issues can cause a significant drop in price.
Time Effect
LongThe outcome of the investigation and its impact on polymarket's operations could take a considerable amount of time to unfold.
Original Article:
Article Content:
Brayden Lindrea 1 minute ago FBI raids home of Polymarket CEO Shayne Coplan: Report The decentralized betting platform CEO was reportedly targeted in an FBI raid, which saw his phone and electronics seized. 5 Total views Listen to article 0:00 News COINTELEGRAPH IN YOUR SOCIAL FEED Follow our Subscribe on The United States Federal Bureau of Investigation (FBI) has reportedly raided the home of Polymarket CEO Shayne Coplan on Nov. 13, seizing his phone and electronics, according to the New York Post. Coplan was woken up at 6:00 am Eastern Time in his New York City pad by US law enforcement officials who demanded he hand over his phone and electronics, the news outlet reported, citing a source close to the matter. The CEO of the decentralized prediction markets platform appeared to confirm the reports on X, claiming to make a post from a new phone. Source: Shayne Coplan A person close to the matter described the Coplan’s incident as “grand political theatre” to the New York Post. “They could have asked his lawyer for any of these things. Instead, they staged a so-called raid so they can leak it to the media and use it for obvious political reasons.” The New York Post’s source also speculates the “government is likely trying to build a case that accuses Polymarket of market manipulation and rigging its polls in favor of Trump.” The FBI did not arrest Coplan, the New York Post stated. Cointelegraph reached out to the FBI for comment. Related: Top Polymarket whale profits $20M from Trump victory It comes a week after Republican Donald Trump won the US presidential election in a landslide vote. Polymarket saw $3.7 billion worth of bets placed on the “Presidential Election Winner 2024” market which prompted critics to call out the platform’s influence. US residents are banned from placing bets on the platform. However, Americans can circumvent that prohibition through virtual private networks, or VPNs. Magazine: Tornado Cash 2.0: The race to build safe and legal coin mixers # FBI # Law # Business # Donald Trump # Regulation # US Elections 2024 Add reaction