O’Leary dismisses suggestion Polymarket CEO home raids were ‘political sanctions’: Laws ‘clear’
‘Shark Tank’ investor Kevin O’Leary reacts to the recent FBI raid of Polymarket CEO Shayne Coplan during an appearance on ‘Varney & Co.’
The future of Polymarket CEO Shayne Coplan is currently in jeopardy after the FBI raided the 26-year-old’s SoHo apartment.
The FBI search came Wednesday morning on the heels of a betting platform predicting a victory for former President Trump over Vice President Kamala Harris.
A spokesperson for Polymarket called the move “clear political retaliation” against the company for “providing a market that correctly called the 2024 presidential election.”
FBI REPORTED TO RAIDS POLYMARKET CEO’S HOME AFTER BETTING PLATFORM BOOSTS TRUMP’S WIN: ‘POLITICAL PAYBACK’
‘Shark Tank’ investor Kevin O’Leary reacts to Polymarket CEO Shayne Coplan being investigated by the FBI after the platform predicted Trump’s election victory. (Fox News / Fox News)
“Shark Tank” investor Kevin O’Leary responded bluntly to the company’s bold response, arguing that the raid was “in no way” a form of political punishment.
“The laws are very clear and transparent about gambling and betting on the Internet. And what is happening here is to look closely at whether any of those laws have been broken. This is a lot of money. It is reported that there is a whale that has made a huge profit from this,” O’Leary weighed in while appearing on ” Varney & Co.”
The raid, as first reported by the New York Post, involved FBI agents seizing Coplan’s phone and other electronics while the 26-year-old CEO was in his SoHo apartment.
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“They’ll just look at it and say, show us the accounts, get the transactions and show us the revenue. The use of funds transferred in, transferred out. And it’s all online. It’s all on the blockchain. We’ll be able to do this in a week or so to see if this company actually did it break the rules.”
Fox News senior congressional correspondent Chad Pergram reports on legislation aimed at curbing sports betting on ‘The Big Money Show.’
During an appearance on “Varney & Co.,” O’Leary predicted the fate of the Polymarket CEO, comparing it to disgraced crypto CEO Sam Bankman-Fried who is currently serving a 25-year prison sentence.
O’Leary added that it would be a “disastrous consequence” for Coplan if he did in fact break US betting laws.
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“At the end of the day they follow the decision and the decision. If I was on that board I wouldn’t be making political statements about the election. It has nothing to do with that. This is about getting the election statement. A good lawyer and being transparent and keeping your mouth shut is my advice to him,” O’Leary said on Thursday.
“Otherwise, he’ll learn to spend time in a place he doesn’t want to be.”
FOX Business’ Jasmine Baehr contributed to this report.
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