Polymarket users referred to prosecutors in South Korea: Report
South Korean police reportedly referred 18 Polymarket users to prosecutors in a gambling probe involving 26 people and $12.7 million in bets.
South Korean authorities have referred 18 Polymarket users to prosecutors in a gambling investigation involving 26 individuals who collectively placed bets totaling $12.7 million. According to the National Police Agency, Gangwon Provincial Police have placed 26 people under investigation and forwarded 18 to prosecutors. Polymarket enables users to trade contracts based on real-world events, operating without a custodian and using a peer-to-peer model.
The platform's transactions are tied to blockchain, making it difficult for authorities to track users by name. Users argue that Polymarket should be classified as a crypto derivatives investment market, rather than illegal gambling. However, authorities maintain that Polymarket's structure and operations violate South Korea's Criminal Act due to the unpredictable outcomes involved.
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