South Korea Sends 18 Polymarket Users to Prosecutors
Investigators said users staked digital assets on event contracts that could fall under Article 246, with the largest individual bet reaching 5.7 billion won.
- South Korean police have referred 18 Polymarket users to prosecutors following an investigation into 26 people suspected of illegal gambling involving $12.7 million in wagers.
- Investigators launched the inquiry in June under Article 246 of South Korea's Criminal Act, which prohibits wagering on outcomes that cannot be predicted with certainty; police cite a 2008 Supreme Court ruling to support these charges.
- Collective wagers reached 17.6 billion won, or about $12.7 million, with one individual placing about 5.7 billion won, or $4.1 million. Tracing blockchain transaction data allowed police to identify suspects since Polymarket lacks real-name customer lists.
- South Korea's Broadcasting, Media and Communications Review Committee blocked domestic access to the platform on August 18, rejecting the company's defense that it operates as a 'virtual asset-based derivatives market.'
- While users argue their activity constitutes derivatives trading rather than gambling, no court has yet accepted this defense. Attorney Kim Tae-rim of AXIS Law noted that the absence of a clear legal framework complicates the platform's criminal defense.
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Cryptocurrency News | Cryptocurrency Prices | Market CapSouth Korea Targets 26 Polymarket Users in $12.7M Betting case
South Korean police booked 26 Polymarket users over 17.6 billion won in alleged illegal bets, with 18 cases now referred to prosecutors.
South Korean police have investigated 26 Polymarket users on suspicion of illegal gambling. In the investigation linked to the 17.6 billion won bet, 18 people were referred to the prosecutor's office, while users argued that the platform was a derivatives market, not gambling.
South Korea blocks Polymarket as prediction markets face global split
Polymarket has been blocked by South Korea, and 18 of its users have been referred to prosecutors on suspicion of illegal gambling. But the news is not about the sum of 17.6 billion won, but about what this case shows about the growing global divide on how crypto prediction markets should be regulated. The division...
South Korea has intensified controls on prediction markets. Police have referred 18 users of Polymarket to the Public Prosecutor in the context of an investigation for alleged illegal gambling involving a total of 26 people. According to the data of the National Police Agency, the investigated users would have carried out operations for about $12.7 million on the political markets, [...]
According to Cointelograph, 18 Polymarket users were referred to the South Korean Public Prosecutor's Office in research on bets
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