18 Polymarket Users Prosecuted After $570M Bet Allegation

According to a report by Asia Economy, the Gangwon Police Cyber Investigation Division reported that as of May 15, they had filed charges against 26 Polymarket users, with 18 being referred to prosecutors. The cumulative betting amount for the suspects totaled approximately KRW 17.6 billion (USD equivalent), with individual maximum bets reaching around KRW 5.7 billion per person.

Polymarket is a blockchain-based prediction platform that allows users to bet on political, social, and economic events by predicting whether specific outcomes will occur as 'yes' or 'no.' Users can receive 1 USDC or 1 pUSD per week based on their predictions, or lose their initial stake. Authorities have stated that transactions conducted through Polymarket constitute clear illegal gambling.

The police analyzed public blockchain transaction records using open-source intelligence (OSINT) techniques to identify and track individual users. Earlier this month, the Broadcasting Media and Communications Commission (BCC) had voted to block access to Polymarket on May 18.