{"id":14499,"date":"2024-06-19T13:56:30","date_gmt":"2024-06-19T10:56:30","guid":{"rendered":"https:\/\/forklog.com\/en\/taiwanese-citizen-charged-for-betting-on-polymarket-crypto-platform\/"},"modified":"2024-06-19T13:56:30","modified_gmt":"2024-06-19T10:56:30","slug":"taiwanese-citizen-charged-for-betting-on-polymarket-crypto-platform","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/taiwanese-citizen-charged-for-betting-on-polymarket-crypto-platform\/","title":{"rendered":"Taiwanese Citizen Charged for Betting on Polymarket Crypto Platform"},"content":{"rendered":"<p>Prosecutors in Taiwan have charged a citizen named Chen for placing cryptocurrency bets on the outcomes of the country&#8217;s January elections via the prediction platform Polymarket, as reported by <a href=\"https:\/\/news.ltn.com.tw\/news\/society\/breakingnews\/4707680\">local media<\/a>.<\/p>\n<p>According to the case details, Chen wagered 472.17 USDC on the victory of Taiwan People&#8217;s Party presidential candidate Ko Wen-je and $60.19 on the Democratic Progressive Party securing a majority in parliament.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/docsz\/AD_4nXfUmTeXMze34MaQbC-5UA8sqebk2NP-BQnfbuoDSWEEdjZU2LdQ7koWQlx9b-YF34bPY0tnWyhKMEOdic7MpOR6AMWWYTaDVGGfMk-d8bI78xPi5o3ew3dRXrSx_HdggL6hJJJ3RT7R9sGo8Zm28VXBq-uf?key=1ZmlN9Fn_pTTQsE-JciFuQ\" alt=\"Taiwanese Citizen Charged for Betting on Polymarket Crypto Platform\"\/><figcaption class=\"wp-element-caption\">Source: Polymarket.<\/figcaption><\/figure>\n<p>Authorities believe this action violated the ban on using the internet for election result speculation.<\/p>\n<p>Chen admitted guilt. As he had no prior convictions, he was granted a one-year deferment from prosecution, contingent upon paying a fine of 30,000 yuan (~$4000).<\/p>\n<p>He could subsequently face up to six months in prison.<\/p>\n<p>The Polymarket platform enables users to make predictions on various events using cryptocurrency. According to its <a href=\"https:\/\/polymarket.com\/event\/presidential-election-winner-2024\">data<\/a>, at the time of writing, users had wagered over $176 million on the upcoming U.S. presidential elections. Donald Trump leads with 56% against Joe Biden&#8217;s 34%.<\/p>\n<p>Earlier in May, Taiwan <a href=\"https:\/\/forklog.com\/en\/news\/taiwan-enforces-prison-sentences-for-cryptocurrency-based-money-laundering\">enforced prison sentences<\/a> for using cryptocurrencies for money laundering.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prosecutors in Taiwan have charged a citizen named Chen for placing cryptocurrency bets on the outcomes of the country&#8217;s January elections via the prediction platform Polymarket, as reported by local media. According to the case details, Chen wagered 472.17 USDC on the victory of Taiwan People&#8217;s Party presidential candidate Ko Wen-je and $60.19 on the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,1280,1148,1595,1203],"class_list":["post-14499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-elections","tag-polymarket","tag-prediction-markets","tag-taiwan"],"aioseo_notices":[],"amp_enabled":true,"views":"78","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14499","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=14499"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14499\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/14498"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=14499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=14499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=14499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}