Coinbase
This subpoena is linked to Polymarket, a platform where users predict real-world events using cryptocurrencies.
Coinbase shared this update in a customer notice on January 8. Eric Conner, co-founder of EthHub, later shared the notice on a January 9 post on X. It explained that the subpoena seeks general customer information, including details about user accounts.
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Coinbase assured users that no action was needed on the customer's part but noted the company might be required to share some account-related information with the CFTC.
According to the notice, Coinbase would provide the requested data unless it receives a formal motion to block the release of information by January 15, 2025. The notice clarified the legal framework under which Coinbase responds to the legal request.
The CFTC’s subpoena comes when Polymarket has been under scrutiny. In November 2024, the FBI searched the home of Polymarket CEO Shayne Coplan.
The FBI raid occurred after the 2024 US presidential election, which saw Donald Trump emerge as the winner on November 5. During this period, Polymarket gained attention as users placed bets on Trump’s victory, with some earning up to $50 million.
On January 7, Coinbase won a temporary pause in its legal battle with the SEC. What led to the triumph? Read the full story.
