Polymarket in turmoil. Crypto betting platform (or prediction markets), Polymarket is currently in the spotlight, but not for the right reasons.
The U.S. Department of Justice has launched an investigation into the company for allegedly allowing American users to place bets on its platform, an activity considered illegal in the United States. The case raises questions about the legality of crypto betting platforms and highlights the regulatory challenges facing these companies.
In detail, on November 13, 2024, the FBI raided the apartment of Shayne Coplan, CEO of Polymarket, in Manhattan, seizing his phone and several electronic devices. This intervention follows the predictions of the Polymarket platform that had predicted the victory of Donald Trump, raising suspicions of “political retaliation”.
According to a source close to Coplan, the operation would be a "political staging" to discredit Polymarket after its winning prediction for Trump.
