South Korea's Gangwon Provincial Police Agency cyber investigation unit has filed cases against 26 Polymarket users as of September 15, with 18 of them referred to prosecutors. According to Foresight News, the users involved placed a combined 17.6 billion won in bets, while the highest amount attributed to a single user was about 5.7 billion won.
Police identified the users by reviewing public blockchain transaction records and using OSINT methods.
Earlier, South Korea's Communications Standards Commission decided on August 18 to block Polymarket, citing concerns over a winner-takes-all structure for bets on uncontrollable events, as well as the platform operator setting rules and collecting fees. The commission said the platform could be linked to aiding gambling, operating a casino, and violating the National Sports Promotion Act. Polymarket said it does not provide Korean-language services, cannot settle transactions in Korean won, and operates as a non-custodial peer-to-peer automatic settlement platform that does not directly manage user funds, arguing it should not be regarded as the main operator of a casino.
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