FBI raid questioned
The CEO of prediction site Polymarket, Shayne Coplan, has kicked up a storm after accusing the outgoing Biden administration of setting the FBI on his firm out of political revenge.
shocking predawn raid” on Coplan’s Manhattan apartment
According to news reports, the FBI executed a “shocking predawn raid” on Coplan’s Manhattan apartment Wednesday based on an illegal betting suspicions. The probe is over Polymarket, which has been linked to returning ex-President Donald Trump and his allies, allegedly accepting bets from US users.?
Coplan took to X on Thursday to echo allegations the raid was “a last-ditch effort” by the outgoing regime to seek revenge on firms associated with Trump.
Polymarket has known Republican backers bankrolling it, including Trump supporter Peter Thiel, who raised $70m for Coplan’s firm earlier this year.
According to the New York Times, federal officers on Wednesday seized Coplan’s “electronic devices, including a phone.”
Parting shots and threats
With Elon Musk appointed to a prominent government role for Trump’s second term, it seems fellow technocrats like Coplan are emboldened by the change in regime and not afraid of rubbing salt in Democrat wounds.
In the same X post on Thursday condemning the raid, Coplan advised the outgoing party to reflect on and conclude “a more pro-business, pro-startup approach” might have changed the outcome of the election.
“Indeed” responded Elon Musk in approval.
Of growing concern, however, to under-fire bodies like the FBI, was the response of another billionaire tech mogul, Joe Lonsdale. Lonsdale responded to Coglan’s post on X by writing that while there were great agents in the FBI, a large percent of the federal bureau “must be officially reorganized and GUTTED, political actors removed.”?
he hopes Coglan will get an immediate pardon if the feds give him “any trouble”
According to CNN, multiple officials currently serving as mid-level to senior intelligence agents are concerned about their jobs.?As for Lonsdale, he hopes Coglan will get an immediate pardon if the feds give him “any trouble” over his France-registered firm.?
Polymarket angle
Polymarket raked in a reported $3.7bn in bets on the US election. The platform is, however, banned in the US after the Commodity Futures Trading Commission fined Polymarket $1.4m in 2022 to settle allegations it offered illegal trading. The Times cited an ex-Polymarket employee as stating it was an “open secret” US users could still bet on the platform via a virtual private network connection.
The FBI raid comes just a week after Coplan applauded Trump’s victory and stated he plans bringing Polymarket back for US users. The prediction site also drew fire after a mystery French trader made $85m in profits on Trump bets, with reports France’s gambling regulator is considering banning Coplan’s firm.