President Donald Trump’s Federal Bureau of Investigation restructuring cannot come soon enough.
Over the course of the election, many of us followed the presidential election predictions of Polymarket, a decentralized prediction market platform.
Polymarket allows users to bet on the outcomes of various real-world events, including political elections. The platform operates on the Polygon blockchain, utilizing cryptocurrency for each transaction. Users can buy shares representing the probability of specific events occurring, with each share becoming worth $1 if the predicted outcome happens or becoming worthless if it doesn’t.
Apparently, the victory win triggered officials at the FBI. So, the agency conducted an early morning raid on the home of Chief Executive Officer Shayne Coplan.
The 26-year-old entrepreneur was roused from bed in his Soho pad at 6 a.m. by US law enforcement who demanded he turn over his phone and other electronic devices, a source close to the matter told The Post.It’s “grand political theater at its worst,” the source told The 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.”Coplan was not provided with a reason for the raid, but the source suspects it was political retribution since Polymarket accurately predicted an easy Trump triumph over Vice President Kamala Harris – as opposed to traditional polls.The source also speculated that the government is likely piggybacking off liberal media reports that accuse Polymarket of market manipulation and rigging its polls in favor of Trump.
Coplan was not arrested, and the FBI declined to comment or provide an explanation for the raid.
The FBI declined to comment. The Department of Justice and the White House did not respond to requests for comment on the raid. One French bettor earned over $40 million using the platform.
In the run-up to the presidential election, the site gained widespread attention for the way it placed Trump’s odds high above those of Harris, when opinion polls had for months shown the race in a dead heat.Polymarket, which does not allow trading in the U.S., also gained scrutiny after a mystery French trader, known as the Polymarket whale, made large bets on Trump winning the election.The trader’s huge wagers came in tandem with a dramatic rise in Trump’s chances on the exchanges.He walked away with more than $46 million in profit.
I am sure many traditional pollsters, who work in tandem with the mainstream media to massage polls for “Operation Demoralize,” are delighted at this development. Polymarket was not obligated to call anyone anything, and it merely operated according to the algorithm.
Coplan posted a very upbeat response on X.com:
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, but 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.Polymarket has provided value to 10’s of millions of people this election cycle, while causing harm to nobody. We’re deeply proud of that.I’m also proud to say that the future of America, and in particular American entrepreneurship, has never been brighter.In the face of adversity, we build.
I sure hope Coplan and Polymarket prevail, if everything they have done is legitimate and legal. This move by the FBI is completely on-brand for the Biden-Harris administration.
CLICK HERE FOR FULL VERSION OF THIS STORY