TechFlow News: On June 5, according to the Korea Business, South Korean police are investigating domestic users of Polymarket—the world’s largest prediction market platform—for alleged violations of Article 246 (gambling offense) of the South Korean Criminal Act, which carries a maximum fine of KRW 10 million. This investigation—led by the Gangwon Provincial Police Agency at the commission of the National Police Agency—is the first criminal probe against Polymarket users in South Korea and covers users nationwide. Reportedly, South Korean users placed bets on the platform using U.S. dollar-pegged stablecoins, with no restrictions imposed by the platform; for instance, the June 3 local elections alone attracted hundreds of billions of won in betting volume.
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