Polymarket’s Corporate Structure Is a Mystery—Even to Some of Its Former Employees
There’s no shortage of bonkers details about Polymarket. The government alleges that both a special forces soldier and a longtime Google employee used the prediction market to amass small fortunes by insider trading; CEO Shayne Coplan had his apartment raided by FBI agents, who entered via battering ram; and one of its executives reportedly paid influencers through his personal PayPal account to hype up the company.
But one of the biggest oddities about Polymarket has remained somewhat overlooked: What’s going on with the Panama-based company it set up to comply with a settlement it made with the federal government? And why, as WIRED’s reporting suggests, do some employees of the Panamanian company appear to have worked from New York?
The prediction market with ties to Donald Trump Jr.has an unusually convoluted setup. In 2022, federal regulators said it was operating as an unlicensed derivatives exchange, kicked it out of...
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