Crypto-powered prediction market Polymarket and its founder, Shayne Coplan, are under investigation by US regulators for potentially serving American customers. The Department of Justice (DoJ) is reportedly looking into allegations that Polymarket accepted bets from US-based customers during the election in which bettors overwhelmingly favored Donald Trump to win. The 26-year-old CEO's home was raided by the FBI, although he was not arrested. Coplan believes the investigation is a "last-ditch effort" by the outgoing administration to target companies associated with political opponents. Polymarket previously settled with the Commodity Futures Trading Commission and paid a $1.4 million penalty for blocking US users. In addition to the investigation, allegations of wash-trading and market manipulation at Polymarket have been made by a Kalshi growth executive in a leaked email. However, there is no new or damning evidence provided in the email.



Other News from Today