NEW YORK (Reuters) -Federal law enforcement agents raided the downtown New York home of Polymarket CEO Shayne Coplan on Wednesday, seizing his phone and electronics, the company confirmed.

The guy who runs a website for degenerate gamblers is in trouble after allegedly letting the wrong people play.

The FBI raided the home of Polymarket CEO Shayne Coplan on Wednesday morning and seized his electronics, a company spokesperson confirmed to Axios. It’s not clear what the FBI was seeking. In particular, it’s unclear if Polymarket, Coplan, or both are the targets of an investigation.

Prior to Donald Trump winning the 2024 presidential election, Polymarket gained popularity for political prediction markets.

Polymarket CEO Shayne Coplan had his phone and electronics seized in a law enforcement raid, described as "political retribution" after correctly predicting the 2024 presidential election. The FBI conducted the raid in Manhattan, New York, but Coplan was not arrested.

The New York Post has published a news story alleging the Federa Bureau of Investigations has seized a phone and electronics from Polymarket CEO. Sources reportedly see this as political retriution after the betting market platform predicted the 2024 US election.

A source close to Shayne Coplan alleged to the New York Post that the Polymarket CEO's electronics have been seized as part of political retribution for accurate poll predictions.