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GM Explorer,
FBI agents raid Polymarket CEO’s home after the platform’s accurate Trump win prediction. Was it political retribution or something bigger brewing? Let’s dive in.
Here’s what we got for you today:
🚨 FBI raids Polymarket CEO’s home!
🔎 Market Insight
🧱 Around The Block: Former SEC attorney John Reed Stark tells Chair Gary Gensler to resign.
🚨 FBI Raids Polymarket CEO’s Home!
The FBI raided Polymarket CEO Shayne Coplan’s Manhattan home just days after the platform accurately forecasted a Trump victory.
Here’s what went down:
A source close to the matter reports that US law enforcement barged into the 26-year-old entrepreneur’s Soho apartment at 6 a.m. on Wednesday.
They demanded his phone and various electronic devices.
Coplan received no explanation for the sudden intrusion, but the source suspects it was “Political Retribution.”
On the morning before Election Day, Polymarket had given Trump a 58.6% chance of winning, while Vice President Kamala Harris’s odds were recorded at 41.4%.
According to the source, this is why they staged a so-called raid: to leak it to the media and use it for obvious political reasons instead of asking his lawyer for his things.
The source also speculated that the government might be riding the wave of liberal media reports that have accused Polymarket of market manipulation and rigging its polls in favor of Trump.
One week before the election, widespread evidence of wash-trading was reportedly found on Polymarket.
For those unfamiliar with it, wash trading is an illegal tactic where a trader buys and sells the same entity to fabricate the illusion of market activity.
However, a Polymarket spokesperson quickly shut it down, stating that “Polymarket’s Terms of Use expressly prohibit market manipulation.”
It also doesn’t help that Coplan has been spotted cozying up with Donald Trump Jr. and that his platform has legal troubles in the US.
In 2022, Polymarket had to halt its trading in the country and fork over a $1.4 million penalty to settle charges with the Commodity Futures Trading Commission.
Since then, it has remained operational only for bettors outside the US.
But get this: the platform is also under the watchful eye of France’s gambling regulator, the Autorité Nationale des Jeux, to ensure compliance with their laws.
So, could this truly be a politically motivated witch hunt? 🤷♀️
The FBI hasn’t commented on the situation, but the good news, at least for Coplan, is that he was not arrested and has not been charged.
Instead, he managed to maintain his sense of humor, sharing a light-hearted post on X after his unexpected encounter with the FBI.
🔎 Market Insight
In the past three weeks, Dogecoin has skyrocketed by an astonishing 204%!
But what’s behind this meteoric rise?
We might just have the answer!
Donald Trump has launched a new initiative to dismantle Government bureaucracy, slash unnecessary regulations, trim wasteful spending, and revamp federal agencies.
And guess who is heading this new initiative?
Elon Musk!
But get this: The name of this groundbreaking initiative is “DOGE” — the Department of Government Efficiency!
…and if you think this is a coincidence, think again!
Here's a post shared by Elon himself (Many believe this might be the logo for this new department):
🧱 Around The Block
Former SEC attorney John Reed Stark tells Chair Gary Gensler to resign.
South Korean Police arrest 215 in suspected $232M crypto investment scam investigation.
BlackRock expands its tokenized money market fund to Polygon and other blockchains.
DOJ to seize $16M in FTX bribes, mostly in Solana.
PEPE price jumps 50% after Coinbase says it will list the token.
Bulgarian 'Cryptoqueen' alive, hiding in South Africa: Report.
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