South Korean Police Refer 18 Polymarket Users to Prosecutors Over Illegal Gambling Allegations

South Korean police have referred 18 Polymarket users to prosecutors for allegedly placing $12.7 million in illegal bets. The investigation, conducted by the Gangwon Provincial Police Agency, identified users through blockchain transaction analysis. While police classify these activities as illegal gambling under the Criminal Act, users argue their actions constitute derivatives trading. This action follows a recent regulatory order to block domestic access to the platform.