After predicting that Donald Trump would win the 2024 Presidential Election ahead of the election results, betting site Polymarket’s CEO, Shayne Coplan, was the subject of an FBI raid in his New York City apartment. Coplan had his cellphone and other electronics seized, according to a source who is familiar with the raid.

According to the New York Post, Coplan was present at his apartment when multiple agents stormed into his home to conduct the raid on Wednesday as the betting site Polymarket took alleged illegal bets regarding Trump being the following United States president, who ultimately won the 2024 Presidential election.

A Polymarket trader of the alleged name of “Theo” won approximately $85 million as a result of betting that the former president would be re-elected. 

“Theo” claimed they operated approximately 11 accounts to increase the amount of money they could have won, according to the Cryptopolitian.  

“This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election,” the source stated.

The 26-year-old cooperated with the authorities and turned over his electronics. He wasn’t detained, nor was he charged, according to the publication.

This isn’t Copland’s or Polymarket’s first run-in with authorities regarding the questionable wagers that the betting site allows users to engage in. 

According to ABC News, Polymarket was ordered to pay a $1.4 million penalty by the Commodity Futures Trading Commission in January 2022 for operating unregistered “bet on your beliefs” wagers.

Polymarket committed to prohibiting traders from the United States from making wagers on the platform as part of that arrangement.

After the FBI conducted their raid at Copland’s Soho apartment, the 26-year-old CEO shared his frustrations on X.

“It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents. We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting and recognize that taking a more pro-business, pro-start up approach may be what would have changed their fate this election. Polymarket has provided value to 10’s of millions of people this election cycle, while causing harm to nobody. We’re deeply proud of that.

I’m also proud to say that the future of America, and in particular American entrepreneurship, has never been brighter.

In the face of adversity, we build 🦅,” he tweeted on a new device.