Polymarket gambler charged after betting on Taiwan election
Prosecutors in Taiwan say a man used crypto betting platform Polymarket to place bets on the country's 2024 election, which ended on June 13.
The Shilin District Prosecutor's Office alleges that a man surnamed “Chen” planted 472 USDC coins at Polymarket to predict Taiwan People's Party candidate Ko Wenjie would win the presidential election.
Chen also placed a $60 bet that the country's Democratic Progressive Party would win more legislative seats.
According to the report, the prosecutor's investigation found that Chen violated the rules by using a website to gamble on election results. The country's President and Vice President Election Reminder Law prohibits citizens from using the Internet to gamble on election results.
Chen admitted to the crime and was given a deferred prosecution. Because the citizen had no previous convictions, he was granted a one-year suspension of prosecution and a fine of 30,000 yuan (about $4,000).
Taiwan has warned Polymarket users against gambling.
Taiwan has been investigating citizens' use of the Polymarket crypto betting platform ahead of the election. In the year In 2023, individuals have been called to be investigated for allegedly participating in crypto betting on election results.
Citizens have been warned not to use crypto betting platforms on election results as it violates the law. According to a local report, violators could face up to six months in jail, prison or a fine of more than $3,000.
Related: Polymarket punters gambled $12M on Bitcoin ETFs outcome
What is Polymarket?
Polymarket is a popular betting platform used by many gamblers in the crypto space. The platform allows users to bet on serious issues on the Bitcoin exchange, but also allows them to gamble on frivolous things like how often Elon Musk will post on X or how hot the temperature will be.
In the year In 2022, Polymarket also faced regulatory problems in the US, where the betting platform agreed to pay a $1.4 million fine with the Commodity Futures Trading Commission (CFTC). It also ordered the withdrawal of any markets that did not comply with CFTC and Commodity Markets Act (CEA) regulations.
Despite the challenges, the platform continues to grow by attracting significant investors. On May 14, Ethereum founder Vitalik Buterin and Peter Thiel's venture capital firm, Founders Fund, led a $70 million investment in the crypto betting platform.
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