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 police reportedly referred 18 Polymarket users to prosecutors in a gambling probe involving 26 people and $12.7 million in bets.
South Korean police have reportedly referred 18 Polymarket users to prosecutors in an illegal gambling investigation involving 26 people who collectively wagered about 17.6 billion won (worth $12.7 million).
According to Asia Economy, data submitted by the National Police Agency to the office of Democratic Party lawmaker Yoon Kun-young showed that the Gangwon Provincial Police Agency had placed 26 people under investigation as of Tuesday and sent 18 of them to prosecutors. The report said the largest amount wagered by a single user was about 5.7 billion won ($4.1 million).
In June, Gangwon police launched South Korea’s first illegal gambling probe into local Polymarket users at the request of the National Police Agency. On Aug. 18, South Korean authorities moved to block Polymarket after determining that the prediction market provided an illegal gambling environment to users in the country.