Police in Gangwon Province have charged 26 South Korean users of the Polymarket prediction platform with illegal gambling. So far, 18 separate cases have already been handed over to prosecutors.

What went down

Investigators say users' participation in Polymarket's yes/no event contracts amounts to gambling. Their reasoning? Since users have zero influence over the outcome, their bets count as illegal gambling under local law.

How much was wagered

According to police, the total amount staked hit around ₩17.6 billion (about $12.7 million). The biggest single position by one user reached ₩5.7 billion (roughly $4.1 million).

What the defendants say

The accused insist that Polymarket is a crypto derivatives platform, not a gambling service. Whether that argument holds up—and how their trades are classified legally—will be decided after prosecutors review the case files.