How Polymarket Predicted Trump: The Inside Story As FBI Raids CEO's Home
Newsweek1 day
The Facts
The Federal Bureau of Investigation (FBI) Wednesday morning conducted a search at Polymarket CEO Shayne Coplan's home, where it confiscated his phone and electronic devices.
The search is reportedly connected to a Justice Department (DOJ) investigation into whether the online betting market illegally accepted trades from US users.
The Spin
Republican narrative
It's obvious that this raid was a bit of political theater by the Biden/Harris admin., which is sour over Harris' loss and is buying into liberal media reports accusing Polymarket of rigging its odds for Trump. The FBI could've easily asked for Coplan's devices without an attack against the CEO of a company that's providing a public good that helps people better learn about world events.
Democratic narrative
It's chic in our current environment for anyone under investigation by a government agency to claim a political reason for the probe. But there have been studies showing "wash trading" — the repeated buying and selling of an asset to inflate its value — was taking place in the leadup to the election. If Polymarket did nothing wrong, Coplan should cooperate with the authorities.
