The FBI has raided the Manhattan apartment of Polymarket founder and CEO Shayne Coplan, seizing his phone and electronic devices. The raid comes shortly after the platform accurately predicted the US presidential election outcome.

While a company spokesperson claimed the raid was "political retribution" for election predictions, investigators are likely examining whether US citizens were able to speculate on election outcomes through the platform, which is technically supposed to block US users.

Polymarket, an unregulated decentralized prediction platform, reportedly handled $3.2 billion in crypto betting on the election globally. Though it claims to block US users, concerns exist about potential VPN workarounds that could allow American participation.

The platform offers events contracts where users bet on various outcomes, from Oscar winners to presidential elections. Currently, only one platform, Kalshi, is legally authorized to offer such services in the US under CFTC regulation.

The CFTC previously attempted to block election-related events contracts, citing concerns about market manipulation affecting voter turnout. This became particularly relevant after a trader known as the "Trump Whale" won $85 million betting on Trump's victory.

The FBI may also be investigating claims by the "Trump Whale," a French national who denied political motives and claimed to have commissioned polls showing overestimated support for Kamala Harris.

Despite the raid, Coplan hasn't been arrested. He later posted on X: "new phone, who dis?"

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