FBI raids home of Polymarket CEO Shayne Coplan

The FBI on Wednesday morning raided the New York City apartment of Shayne Coplan, the founder and CEO of Polymarket, Axios has learned from multiple sources.

Why it matters: Polymarket is one of the most active prediction betting markets, gaining mainstream attention during the recent presidential election.

• It is not clear what the FBI was seeking when numerous agents entered Coplan's apartment at around 6am, or if Coplan and/or Polymarket are the targets of an investigation.
• Coplan was home at the time of the raid.

Zoom in: Americans aren't allowed to use Polymarket, on which one French trader reportedly won nearly $50 million.

• The company reportedly has been raising new venture capital, after having already secured over $80 million from backers like Peter Thiel's Founders Fund.

What they're saying: "This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election," a Polymarket spokesperson tells Axios. "Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections."

• "The FBI carried out a court-authorized law enforcement activity at [Coplan's building] earlier today," a federal law enforcement source tells Axios.