NEW YORK CITY – FBI agents conducted a raid at the apartment of Polymarket’s CEO Shayne Coplan in Manhattan early Wednesday morning, seizing his cellphone and other electronic devices, a source familiar with the situation disclosed. The search occurred shortly after Polymarket reportedly correctly predicted the outcome of bets favoring Donald Trump in the presidential election, despite polls indicating a close race.

Coplan, a 26-year-old, was present during the raid when multiple agents entered his residence and confiscated his devices. It was reported that Coplan voluntarily surrendered his belongings and has not faced any charges or arrests at this time. The purpose of the raid remains unclear, and it is uncertain whether Coplan or Polymarket are subjects of an investigation.

Following the raid, Coplan took to social media platform X to post a cryptic message, “New phone, who dis?” Polymarket, founded by Coplan in 2020, has faced significant controversy over its establishment of election betting markets. The company allegedly generated more than $3.6 billion from wagers placed on the presidential election, with large sums bet on Trump and Vice President Kamala Harris, as per an analysis by NBC News.

Questions have arisen concerning the identities of major bettors who placed their stakes on Trump, as well as the potential influence of the odds and market existence on voters’ decisions. Although U.S. election betting is legally allowed under certain circumstances, Polymarket was prohibited from permitting U.S. users after the Commodity Futures Trading Commission intervened in 2022. However, the platform’s user base predominantly operates through cryptocurrency, allowing for enhanced anonymity.

Despite criticisms, Coplan has maintained that Polymarket is a nonpartisan entity, attributing the raid to the Biden administration and the Democratic Party’s recent electoral defeat. In response to the situation, a Polymarket spokesperson condemned the raid as political retaliation, emphasizing the platform’s commitment to transparent prediction markets that serve to inform everyday individuals about crucial events and elections.

Nicholas Biase, a spokesperson for the U.S. Attorney’s Office in the Southern District of New York, declined to provide any comments regarding the ongoing situation.