The FBI raided the Manhattan home of Shayne Coplan, CEO of the predictive betting site Polymarket, on Wednesday, seizing his phone.

While Coplan was not arrested, the company suggested the raid was politically motivated due to the site’s user predictions favoring Donald Trump in the 2024 election.

Coplan criticized the raid on social media, calling it political retaliation and arguing that the site was non-partisan.

Polymarket, which allows users to bet on various outcomes, has faced legal scrutiny in the U.S. and had previously been fined $1.4 million for operating without proper registration, The Guardian has reported.

Prominent figures like Coinbase CEO Brian Armstrong and Elon Musk defended Coplan, condemning the raid.

Written by B.C. Begley