Shayne Coplan, 26, was targeted at his Soho home during a dawn raid on Wednesday, sources told the New York Post. 

The insider blasted the seizure as 'grand political theater at its worst'. 

'They could have asked his lawyer for any of these things. Instead, they staged a so-called raid so they can leak it to the media and use it for obvious political reasons,' the source said.

Coplan was reportedly not arrested or given a reason for the raid, but it is thought to be linked to his accurate predictions which outsmarted traditional polls. 

'This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election,' the source added.

Polymarket signaled for weeks that Trump would win, and the previously low-profile site turned out to be right - despite raising eyebrows of many experts.

Coplan said in a post on X after the results were announced: 'Make no mistake, Polymarket single-handedly called the election before anything else. The global truth machine is here, powered by the people.'

In a statement to the New York Post, Polymarket said it is a 'fully transparent prediction market'.

'We charge no fees, take no trading positions, and allow observers from around the world to analyze all market data as a public good.'

Coplan has - until now - stayed out of the limelight.

But after his site - which invited users to bet money on a given outcome - managed to foreshadow the results of the November 5 US election, he has been the subject of praise from Elon Musk and American statistician Nate Silver.

Silver - one of many experts to predict the election would be extremely close - was so impressed that he joined the company as an adviser.