JAKARTA - Polymarket is a rising crypto free predictor platform, especially during the US election campaign a few months ago. Polymarket popularity is increasing due to its high level of accuracy in predicting a number of topics including Donald Trump's victory in the race for the US presidency this year.
On Wednesday, November 13, the residence of Polymarket CEO Shayne Coplan was suddenly investigated by the authorities. Coplan was shocked by an agent from the FBI who ransacked his apartment in Manhattan, confiscating his cell phone and electronic device. However, the 26-year-old man was not arrested or charged with any charges.
Regarding the search, Polymarket suspects that there is a political element in this action. "It is worrying that the current government seems to target companies that are considered to be in favor of their political opponents," said a Polymarket spokesman.
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Although Coplan was not accused of any wrongdoing, an investigation from the US Department of Justice reportedly led to allegations that Polymarket facilitated bets for users in the US, who violated applicable rules. Previously, in 2022, Polymarkets had been fined $1.4 million by the Commodity Futures Trading Commission (CFTC) for operating without official registration. Since then, Polymarkets have temporarily suspended operations in the US.
The news of this search immediately received a reaction from crypto and technology industry figures. Coinbase CEO Brian Armstrong expressed concern on social media, saying this action might actually benefit Polymarkets.
"This will backfire" them actually make Polymarkets even stronger," he wrote before deleting his post.
Elon Musk, a technology figure known to be close to Trump's elected president, also commented calling the move an "unreasonable" act. This incident further reinforces speculation that the investigation was allegedly carried out outside applicable regulations.
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