South Korean police have referred 18 users of the prediction platform Polymarket to prosecutors. These individuals face allegations of illegal gambling, a move that follows a broader investigation into wagers placed on political, economic, and social markets. The National Police Agency provided these figures to the office of lawmaker Yoon Kun-young.
As of September 15, the Cyber Investigation Unit of the Gangwon Provincial Police Agency had formally investigated 26 users. These individuals collectively placed bets totaling ₩17,6 billion, which is approximately $12,7 million. One specific user accounted for wagers worth about ₩5,7 billion, or nearly $3,8 million.
Investigators identified the users by applying open-source intelligence techniques to public blockchain transaction records. This method allowed police to link anonymous wallet addresses to specific individuals. Authorities argue these activities violate Article 246 of the Criminal Act, which defines betting on uncertain outcomes as gambling.
The users involved contend that their activity constitutes derivatives investing rather than gambling. This legal distinction is expected to be a focal point in court proceedings. Meanwhile, the Korea Communications Commission has already ordered internet service providers to block domestic access to the Polymarket platform, citing its payout structure.
