FBI Raids Polymarket CEO Amid Controversies Following Trump’s Victory
2024-11-14

The victory of Donald Trump has sparked many controversies opening paths for investigation and crackdown by the regulators in the United States.
 In a recent development, the FBI has raided the places owned by the owner of the Polymarket over the allegations of accepting trades from the based users. 
Polymarket is one of the leading decentralized betting platforms, the platform came under the specs of regulators and agencies, since day one of the betting polls on the Polymarket led by Donald Trump. 
After the FBI raid the move of agencies became one of the most debatable topics in the cryptocurrency market and the Chief Executive Officer of Coinbase, Brian Armstrong criticized the FBI’s action claiming it was a politically motivated move. 
Some others blame the graphs and data being manipulated before being presented on the website. However many of them totally claim their arguments as myths.
In the raid, the FBI seized the smartphone and electronic devices of Shayne Coplan, the Chief Executive Officer of Polymarket. 
A person aware of the matter argues that the FBI did not provide any reason to the Polymarket founder over the sudden raid, yet experts believe that the raid is solely influenced by the unprecedented victory of Trump that the serving government wasn’t expecting.Pre-Elections Results Were Financially Influenced! 
Not only the FBI but some other regulators have also launched investigations against Polymarket over allegations of influenced results. Earlier this week a similar matter against Polymarket was seen in France. 
This is not the first time when the agency has raided in such a style, earlier this year it was reported that the CEO of Telegram was arrested over severe allegations. 
On August 25, 2024, French authorities detained Pavel Durov at the Le Bourget Airport in France. By the end of 2023, Telegram had over $400 million in digital assets, according to the information that is currently accessible.
According to the Financial Times, Telegram reported an operational loss of $108 million in 2023 while making $342.5 million in sales.
At the time of Pavel’s arrest, the crypto market was in anger, and leaders such as Justin Sun and others came over to social media to oppose the arrest. 
It is worth noting that playoffs like X, Telegram, Instagram, Polymarket, Discord, and others are major aggregators that have helped the digital assets products to reach a broader audience. 
After Trump’s victory, the cryptocurrency market has seen a staggering growth, and Bitcoin has traded above the mark of $90k experts predict that it is expected to reach new heights before 2025.
On the other hand, other related products such as ETFs, Futures, Derivatives, Spots, Perpetual, and even stocks of crypto-based companies have seen a whopping growth in the past few trading sessions. 
The market is expecting new rules and regulations with a new SEC chief in the coming times, as Trump promised during a speech in Nashville in July 2024. Most recently it was also announced that Elon Musk and Vivek will head the DOGE department of the United States. 