Updated

Updated · The New York Times · Jul 19

FBI Raided Polymarket Founder’s Apartment in 2024 as Kalshi Lawyers Flagged U.S. Betting Access

Updated

Updated · The New York Times · Jul 19

FBI Raided Polymarket Founder’s Apartment in 2024 as Kalshi Lawyers Flagged U.S. Betting Access

1 articles · Updated · The New York Times · Jul 19

November 2024 brought an FBI raid on Shayne Coplan’s New York apartment, where agents used a battering ram while searching for evidence tied to illegal betting on Polymarket.
Months before that search, Kalshi’s lawyers met federal prosecutors in Manhattan and explained that Polymarket users could still access the platform from the United States, where it was supposed to be barred.
Coplan publicly cast the raid as a Biden administration attack, but he and advisers privately suspected Kalshi CEO Tarek Mansour, whose company had become Polymarket’s fiercest rival in prediction markets.
The episode exposed a feud between 28-year-old Coplan and 30-year-old Mansour that has spilled beyond normal startup competition as both newly minted billionaires fight to dominate the fast-growing sector.

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