South Korean police book 26 Polymarket users for illegal gambling

The Gangwon Provincial Police Agency has booked 26 users of the prediction market platform Polymarket on charges of illegal gambling, according to a report by Asia Kyungje. Based on data from the office of Representative Yoon Kun-young, 18 individuals have already been referred to the prosecution. The total amount wagered by the booked users reached approximately 17.6 billion KRW, with one individual betting as much as 5.7 billion KRW. Police identified the users by analyzing public blockchain transaction records using OSINT techniques. While authorities classify the activity as illegal gambling under Article 246 of the Criminal Act, users argue the platform functions as a derivatives investment market. The Korea Communications Standards Commission previously ordered a domestic block on Polymarket in August, citing its potential to incite speculative behavior.