Polymarket CEO Shayne Coplan claims FBI raid was politically motivated

Polymarket’s CEO Shayne Coplan believes the caller FBI raid and seizure of his devices whitethorn person governmental motives.

On Nov. 13, Coplan took to X to explicit disappointment astatine the action, suggesting the existent medication was making last-minute efforts to people firms linked to governmental opposition. He emphasized that Polymarket operates arsenic a non-partisan platform, offering worth during the caller predetermination season.

He stated:

“It’s discouraging that the existent medication would question a last-ditch effort to spell aft companies they deem to beryllium associated with governmental opponents. We are profoundly committed to being non-partisan, and contiguous is nary different.”

Polymarket, a decentralized prediction platform, gained significant traction successful the lead-up to the Nov. 5 US statesmanlike election. However, the level faced heightened scrutiny arsenic Election Day approached, arsenic immoderate accused it of manipulating data successful favour of President-elect Donald Trump—a assertion the institution has firmly denied.

[Editor’s Note: CryptoSlate investigation recovered no evidence of fraud; it appears to person simply been escaped markets operating without strict oversight. While it is imaginable Trump bets were coordinated from a single entity, that successful itself is acold from grounds of manipulation, simply a ample whale of immoderate form. ]

Coplan, however, noted that the predetermination mightiness person played retired otherwise had the medication adopted a much business-friendly, pro-innovation approach. He wrote:

“The incumbents should bash immoderate self-reflecting and admit that taking a much pro-business, pro-startup attack whitethorn beryllium what would person changed their destiny this election.”

Industry reaction

Prominent figures successful the crypto assemblage person voiced their concerns, echoing Coplan’s views connected the administration’s attraction of the industry.

Coinbase CEO Brian Armstrong criticized the raid connected Coplan’s flat successful a now-deleted post, hinting astatine imaginable governmental motives. He aboriginal commented that specified actions poorly bespeak the government’s attack to caller industries.

Similarly, Jesse Powell, Kraken’s co-founder, pointed out that the hunt warrant apt invoked a transgression statute that allows authorities to clasp seized devices for up to 5 years without charges.

Powell described this arsenic an “insanely abusive” signifier successful today’s integer landscape, wherever authorities “claim immoderate instrumentality mightiness clasp grounds of a crime, truthful they instrumentality everything.” He further suggested that Coplan mightiness stay uninformed astir the investigation’s afloat grade oregon imaginable further surveillance orders.

Meanwhile, Blockchain Association CEO Kristin Smith called Polymarket an innovative exertion that enables real-time lawsuit betting connected a transparent blockchain. She emphasized the value of supporting specified innovation domestically, informing that heavy-handed actions similar raids could thrust developers and startups distant from the US.

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