Polymarket’s CEO Shayne Coplan believes the recent FBI raid and seizure of his devices may have political motives.
On November 13, Coplan expressed disappointment at the actions taken by the FBI, suggesting that the current administration may be targeting firms linked to political opposition in a last-minute effort. He emphasized that Polymarket operates as a non-partisan platform, providing value during the recent election season.
“It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents. We are deeply committed to being non-partisan, and today is no different,” Coplan stated.
Polymarket, a decentralized prediction platform, gained significant traction leading up to the November 5 US presidential election. However, as Election Day approached, the platform faced increased scrutiny, with some accusing it of manipulating data in favor of President-elect Donald Trump—a claim that the company has vehemently denied.
Editor’s Note: CryptoSlate analysis found no evidence of fraud; it appears to have simply been free markets operating without strict oversight. While it is possible Trump bets were coordinated from a single entity, that in itself is far from evidence of manipulation, simply a large whale of some form.
Coplan suggested that the election outcome might have been different had the administration taken a more business-friendly, pro-innovation approach.
“The incumbents should do some self-reflecting and recognize that taking a more pro-business, pro-startup approach may be what would have changed their fate this election,” Coplan wrote.
Industry figures within the crypto sector have also voiced concerns over the administration’s treatment of the industry. Coinbase CEO Brian Armstrong criticized the raid on Coplan’s apartment in a now-deleted post, hinting at potential political motives. He later commented that such actions do not reflect well on the government’s approach to new industries.
Jesse Powell, Kraken’s co-founder, pointed out that the search warrant likely invoked a criminal statute allowing authorities to retain seized devices for up to five years without charges. He described this practice as “insanely abusive” in today’s digital landscape, where authorities can claim any device might hold evidence of a crime and seize everything. Powell also suggested that Coplan may not be fully informed about the extent of the investigation or potential additional surveillance orders.
Blockchain Association CEO Kristin Smith praised Polymarket as an innovative application that enables real-time event betting on a transparent blockchain. She stressed the importance of supporting such innovation domestically and warned that heavy-handed actions like raids could drive developers and startups away from the US.
In conclusion, the recent FBI raid on Polymarket has sparked concerns within the crypto industry regarding potential political motives and the government’s treatment of innovative platforms. It remains to be seen how this incident will impact the sector moving forward.
