CEO Shane Coughlan accused the Biden administration of targeting companies over perceived political connections.
U.S. authorities raided the home of the CEO of Polymarket, a gambling platform that attracted great attention by strongly supporting President Donald Trump’s presidential election victory.
The FBI executed a search warrant Wednesday at CEO Shayne Coplan’s Manhattan home.
The New York Post, which first reported the raid, said Coughlan, 26, was woken from his bed at 6 a.m. by federal agents who demanded he hand over his cell phone and other electronic devices.
In his post to
“We are deeply committed to being nonpartisan, and today is no different. However, incumbent lawmakers should reflect and recognize that taking a more pro-business, pro-startup approach could change their fortunes in this election. “Coughlan said.
Coplan added that Polymarket provided “value” to tens of millions of people during the election campaign but “didn’t harm anyone.”
The FBI did not immediately respond to a request for comment.
The raid drew sharp criticism from several prominent figures in the tech world.
Brian Armstrong, CEO of cryptocurrency exchange Coinbase, used an expletive to post on X: “What the heck is wrong with this administration?”
“This will backfire. They will only make Polymarket more powerful.”
SpaceX CEO Elon Musk, who is expected to co-lead Tesla and the Department of Government Efficiency in the incoming Trump administration, also wrote about X: “This looks like a mess.”
Founded in 2020, Polymarket allows users to bet on upcoming events, from election results to sports results and weather patterns.
Polymarket has banned US users in 2022 after winning a $1.4 million settlement for failing to register with the Commodity Futures Trading Commission, but you can avoid the ban by using a VPN to access the site.
The platform gained attention ahead of the election as it appeared highly likely that Trump would beat Vice President Kamala Harris, despite polls showing a tight race.
