South Korean police trace Polymarket users on-chain, involved in bets totaling 12.7 million USD

The Cyber Investigation Department of the Gangwon Special Self-Governing Province Police Agency in South Korea has identified 26 Polymarket users by analyzing public blockchain transaction records and on-chain open-source intelligence, and has filed cases against them for suspected illegal gambling. Among them, 18 have been referred to the prosecution, with a total bet amount of 12.7 million USD, and the highest single user bet reaching 4.1 million USD.

The police launched a preliminary investigation in March and began filing cases against the involved individuals in May; the South Korean Communications Commission only ordered the blocking of Polymarket on August 18, and the transactions under investigation occurred while the platform was still accessible. The police are advancing the investigation based on Article 246 of the South Korean Criminal Code.