South Korean Police Identify 26 Polymarket Users Involved in $12.7 Million Betting Case

The Cyber Investigation Department of the Gangwon Special Self-Governing Province Police Agency in South Korea has identified 26 Polymarket users suspected of illegal gambling through the analysis of blockchain transaction records. Eighteen individuals have been referred to prosecutors, with a total of $12.7 million wagered, and the highest single user bet reaching $4.1 million. The police initiated a preliminary investigation in March and opened a case against the involved parties in May. The South Korean Communications Commission ordered the blocking of Polymarket on August 18, as the transactions occurred during normal access to the platform. The police are advancing the investigation based on Article 246 of the South Korean Criminal Code.

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