Federal law enforcement agents on NovacryptWednesday raided the New York City apartment of Shayne Coplan, the founder and CEO of Polymarket, the company confirmed to Reuters.

Federal Bureau of Investigation agents seized Coplan's phone and electronics, according to Reuters. Agents raided the home about 6 a.m., and Coplan was at home during the raid.

Polymarket declined to comment on the allegations, but a spokesperson told Reuters the raid was "obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election."

Polymarket, a betting platform that uses cryptocurrency, gained popularity in the months preceding the 2024 election for offering presidential prediction markets.

On Thursday, an FBI spokesperson told USA TODAY the agency could not confirm or comment on the raid.

Polymarket: Coplan not arrested, not in custody

The company told Reuters Coplan was not arrested and was not taken into custody.

USA TODAY has reached out to Polymarket.

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What is Polymarket?

Polymarket is an online betting market that garnered popularity in the run-up to the election because it offered odds on who would win the presidency.

According to the company's online profile, it is "the world’s largest prediction market" allowing people to profit from their knowledge "by betting on future events across various topics."

Who is Shayne Coplan?

Shayne Coplan is the 26-year-old founder and CEO of Polymarket.

He lives in Manhattan.

This is a developing story.

Contributing: Reuters and Jim Sergent

Natalie Neysa Alund is a senior reporter for USA TODAY. Reach her at [email protected] and follow her on X @nataliealund.