WuBlockchain
South Korean police have opened criminal cases against 26 Polymarket users over alleged illegal gambling, with 18 already referred to prosecutors, according to Asia Economy. The users wagered a combined 17.6 billion won, roughly $12.7 million, and one individual alone accounted for 5.7 billion won.
Why it matters
Police identified the users using public blockchain records and OSINT rather than data from the platform itself. That matters for anyone who assumes pseudonymous onchain activity is out of enforcement's reach, and for prediction-market users well beyond South Korea.
South Korea had already moved against the platform, blocking domestic access to Polymarket, the world's largest prediction-market venue, on Aug. 18. Criminal referral of individual wallets escalates the pressure from platform-level blocking to personal liability.
Market impact
The case sets a template regulators in other jurisdictions can copy: chain analytics plus open-source research, no cooperation required. Watch whether other regulators pick up the same playbook and whether Polymarket volumes from restricted regions reprice the risk of onchain traceability.
Frequently asked questions
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Why are Polymarket users facing criminal charges in South Korea?
South Korean police opened cases against 26 users for alleged illegal gambling under local law. The country had already blocked domestic access to Polymarket on Aug. 18.
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How did police identify the Polymarket users?
Police used public blockchain records and OSINT techniques to trace user activity. No cooperation from the platform itself was required.
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How much money was wagered in the alleged illegal bets?
The 26 users wagered a combined 17.6 billion won, roughly $12.7 million. A single individual accounted for 5.7 billion won of that total.
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Have the cases against the users been resolved yet?
No. Of the 26 cases opened, 18 users have been referred to prosecutors. The cases are still in the criminal process.
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Could other countries copy this enforcement approach?
The case shows blockchain analytics plus open-source research can identify users without platform cooperation. Other regulators facing similar restrictions could adopt the same playbook.
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