The Federal Bureau of Investigation raided the Manhattan home of Shayne Coplan, the 26-year-old CEO of predictive betting site Polymarket, and seized his phone early on a recent Wednesday.

While Coplan was not arrested, the action has been linked to a Department of Justice investigation into Polymarket's alleged facilitation of illegal betting by US users.

Speculation surrounds the incident, with the company claiming political motives due to its market predicting a Trump victory in the election.

Noteworthy reactions include statements from technology figures like Brian Armstrong, CEO of Coinbase, and Elon Musk, who criticized the raid.

Polymarket has a history of controversy, having paid a $1.4 million fine to the CFTC in 2022 for compliance failures.

Despite legal challenges, the company continues to be perceived as a transparent prediction platform aimed at engaging users with impactful events, including elections.