Federal law enforcement officials raided the residence of Polymarket CEO Shayne Coplan on Wednesday.

The prediction market platform gained significant attention during the U.S. presidential election, facilitating billions of dollars in bets on the election outcome. Traders on Polymarket predicted Donald Trump as the likely winner, which turned out to be correct.

The raid was confirmed by a spokesperson from Polymarket. Reports from the New York Post and Axios previously covered this incident.

"This is obvious political retribution by the outgoing administration against Polymarket for providing a market that accurately predicted the 2024 presidential election," stated the spokesperson. "Polymarket is a fully transparent prediction market that helps everyday people understand significant events, including elections."

Although Polymarket is supposed to restrict access to U.S. residents after a settlement with the U.S. Commodity Futures Trading Commission in 2022, some Americans can still trade via virtual private networks (VPNs).

A CFTC spokesperson remarked that, "Polymarket must adhere to the terms of the settlement reached with the CFTC. It's the company's responsibility to comply with the law."

Despite access restrictions, CoinDesk confirmed with at least two traders that Americans were able to place trades ahead of the 2024 election from locations within the United States.