Polymarket CEO Shayne Coplan was the target of a law enforcement raid on Wednesday, the company confirmed to decryptsdescribing him as the victim of “political revenge” after his phone and electronic devices were confiscated.

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

The arrests, made Wednesday in Manhattan, New York, were first reported by the New York Post. The publication says FBI agents conducted the raid, without giving a reason, while the 26-year-old CEO was not arrested.

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

Editor’s note: This story is current and will be updated with additional details.