The raid comes just days after Coplan’s prediction platform forecasted Donald Trump’s victory in the 2024 presidential election ahead of national polls. Coplan founded Polymarket in 2020 in New York after studying computer science at NYU, but dropping out after completing just one semester. While blockchain technology isn’t necessary to create such a betting market, Polymarket uses a network called Polygon, which operates 24/7 and sits atop Ethereum, where transactions cost fractions of the chain’s normal fees. "Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections." Polymarket and the FBI have not responded to Forbes’ requests for comment.

Source: Forbes November 14, 2024 16:54 UTC