South Korea books 26 Polymarket users and refers 18 cases to prosecutors over $12.7M bets

South Korean police have booked 26 Polymarket users in connection with alleged illegal betting involving 17.6 billion won (about $12.7 million), and 18 cases were referred to prosecutors for review ^{[1] [2]}.

One report says authorities classify Polymarket event contracts as gambling, while accused users argue Polymarket functions as a derivatives marketplace where positions can be traded before outcomes are known ^[2].

Polymarket disputed South Korea’s classification and access to the platform, arguing that its non-custodial model differs from traditional gambling platforms and rejecting regulators’ characterization of its operations ^[2].

Another report characterizes the action as an escalation of the investigation into local Polymarket users and states that 18 suspects were sent to prosecutors, while also noting that reporting on the number targeted varies ^{[3] [4]}.