South Korean police opened criminal cases against 26 Polymarket users for alleged illegal gambling totaling $12.7 million.
Regulation & Gov ·
South Korean authorities have initiated criminal investigations into 26 users of Polymarket, a prediction-market platform, for alleged illegal gambling involving approximately 17.6 billion won ($12.7 million) in wagers. Of the 26 users, 18 have already been referred to prosecutors. One individual is believed to have placed bets totaling as much as 5.7 billion won. Police identified the users through public blockchain records and open-source intelligence techniques.
This enforcement action follows South Korea's broader effort to restrict access to Polymarket, which the country blocked on August 18. The investigation highlights how authorities are leveraging on-chain data transparency to track participants in platforms deemed to violate local gambling laws.
The outcome of the prosecutions and whether additional cases will be opened against other users remain unclear. It is also not yet established whether this enforcement will affect Polymarket's broader operations or influence how other jurisdictions approach prediction markets.