Polymarket CEO Shayne Coplan was the target of a law enforcement raid Wednesday, the company confirmed to Decrypt, describing him as the victim of "political retribution" after his phone and electronics were seized.

The spokesperson claimed that Coplan is being targeted after Polymarket “​​correctly called the 2024 presidential election,” after bettors on the crypto prediction market platform correctly picked a White House victory for Republican Donald Trump.

The seizures, conducted Wednesday in Manhattan, New York, were first reported by the New York Post. The publication said that FBI agents conducted the raid, without providing a reason, while the 26-year-old CEO was not arrested.

“Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them,” the spokesperson said. "We charge no fees, take no trading positions, and allow observers from around the world to analyze all market data as a public good."

Editor's note: This story is breaking and will be updated with additional details.