This intervention comes shortly after the success of the election betting platform after accurately predicting the victory of President-elect Donald Trump. Polymarket notably did better (or even much better) than traditional survey institutes.
Polymarket CEO could face election manipulation charges
According to the New Work Post, FBI agents arrived at Coplan’s Soho residence at 6 a.m., demanding access to his devices. The 26-year-old young entrepreneur was not given a specific reason for this seizure.
Additionally, several sources close to Coplan allege that the incident was politically motivated. Polymarket views this as retaliation for the platform’s accurate prediction, which diverged from traditional polls.
“The government suspects market manipulation in favor of Trump. Polymarket, a transparent prediction marketplace that charges no fees, denies any wrongdoing,” wrote journalist Mario Nawfal on X (formerly Twitter).
Speculation points to potential charges of market manipulation, although no charges have yet been filed and Polymarket’s CEO has not been detained.
Crypto betting has seen growing interest during this presidential election with increased participation from the election campaign. Polymarket’s trading volume exceeded $3 billion before November 5, with a 58.3% probability that Trump would win.
One high-profile account, “Theo4,” allegedly made a $20.4 million profit on pro-Trump bets. In total, three top traders collectively made $47 million by correctly predicting Trump’s re-election.
Important regulatory challenges ahead
Meanwhile, the National Gaming Authority (ANJ) in France is considering blocking Polymarket’s services. The regulator could either target the platform domain or put pressure on third parties, such as the media, to restrict access.
Despite growing regulatory challenges, Polymarket plans to expand its operations. The company is apparently considering a token launch. She explores different strategies to maintain high trading activity beyond the election period.
Following the FBI’s actions earlier today, Polymarket could face intense regulatory scrutiny in the coming months before the new president enters the White House.
Moral of the story: success coupled with progress creates its share of jealous people.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent information. This article aims to provide accurate and relevant information. However, we encourage readers to verify the facts on their own and consult a professional before making any decision based on this content.
