coindesk.com
Federal law enforcement officials raided the home of Polymarket CEO Shayne Coplan on Wednesday.
The prediction market was a breakout success in the U.S. presidential election, a platform where billions of dollars worth of bets were placed on the outcome. Polymarket traders viewed Donald Trump as the likely winner, as indeed he was.
The raid was confirmed by a Polymarket spokesperson. The New York Post and Axios reported the news earlier.
"This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election," the spokesperson said in a statement. "Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections."
Americans are not supposed to trade on Polymarket, though virtual private networks, or VPNs, can be used to circumvent that prohibition.
UPDATE (Nov. 13, 2024, 21:27 UTC): Adds statement from Polymarket.