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South Korean police have booked 26 Polymarket users and sent 18 of them to prosecutors as of Sept. 15, The Asia Business Daily reported, citing data lawmaker Yoon Kun-young of the Democratic Party received from the National Police Agency on Sept. 17.
The cumulative amount wagered by the suspects came to about 17.6 billion won, with the largest amount bet by a single user reaching about 5.7 billion won, according to the report. Polymarket is a cryptocurrency-based prediction platform where users make yes-or-no bets on whether specific political, social, and economic events around the world will occur and either receive one USDC or one pUSD per share based on the outcome or lose their stake.
Police view trading activity on Polymarket as clearly constituting illegal gambling. South Korean authorities have identified and tracked individual users by analyzing public blockchain transaction records through open-source intelligence, or OSINT, techniques. The Korea Communications Standards Commission had already decided on Aug. 18 to block access to Polymarket.