It wasn’t immediately clear what prompted the FBI’s search but Polymarket quickly tied the raid to its track record in the recent election, in which bettors on its platform correctly anticipated that Donald Trump would beat Vice President Kamala Harris.

“This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election,” said a spokesman for the New York-based company.

“Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections,” the spokesman added.

The CEO of the decentralized prediction markets platform appeared to confirm the reports on X, claiming to make a post from a new phone.