The search involving Shayne Coplan, the founder of Polymarket, known for its presidential election odds, was part of a criminal investigation, three people said.

The Federal Bureau of Investigation seized the phone of Polymarket founder and CEO Shayne Coplan Wednesday, setting off a wave of complaint from crypto boosters who say the raid was politically motivated.

The investigation, in part, involves whether Polymarket violated a prior settlement with the government by allowing American-based users access to its platform.