Taiwan Citizen Indicted for Betting on 2024 Elections Using Crypto Platform
Summary:
A Taiwanese citizen known as "Chen" has been indicted for betting on the 2024 national election results using cryptocurrency platform Polymarket. He wagered on both the presidential race and legislative seat majority, violating Taiwan's laws prohibiting online election gambling. After confessing, he received deferred prosecution, needing to pay a $4,000 fine due to his clear prior record. Taiwan authorities have warned citizens against similar acts, which could result in imprisonment or hefty fines.
A Taiwan resident known as "Chen" has been indicted for gambling on the results of the island’s 2024 political elections using the cryptocurrency platform Polymarket. "Chen" is accused of wagering around 472 USD Coin (USDC) that the candidate for the Taiwan People’s Party, Ko Wen-je, would emerge victorious in the presidential race. In addition, he risked 60 USD on the Democratic Progressive Party gaining a majority of legislative seats. As per the prosecutor's revelations, "Chen" breached the nation’s laws that prohibit online gambling on electoral outcomes. The President and Vice President Election Recall Act of Taiwan outlaws such actions. "Chen" confessed to his actions, thus receiving a deferred prosecution. Given his clear record, he was given the option of postponing prosecution for a year by paying a fine of 30,000 yuan (equivalent to $4,000). Taiwan has set a warning tone against citizens from betting on elections via Polymarket. Crypto betting activities on the platform had aroused the authorities' interest prior to the election, leading to interrogations of individuals suspected of participating in 2023. The locals have been cautioned against utilizing such platforms for betting on election outcomes as it's against the law. A violator might be subject to a prison term of up to six months, or penalties exceeding $3,000, according to a regional report. Polymarket, a renowned betting platform within the cryptocurrency sphere, allows members to gamble on important events like the decision of the Bitcoin ETF, as well as minor items like Elon Musk's tweet frequency. Despite legal hurdles experienced in the U.S in 2022, Polymarket was charged $1.4 million in fines by the Commodity Futures Trading Commission (CFTC) and mandated to cease all non-compliant markets. The platform has remained resilient, attracting substantial investors. Investments amounting to $70 million were led by Ethereum Co-founder Vitalik Buterin and Peter Thiel's venture capital firm, Founders Fund in 2022.
Published At
6/18/2024 3:35:30 PM
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