17 Arrested For Betting On Crypto
Taiwan police have arrested 17 people for betting on the presidential election online, confiscating over $5,500 in USD Coin. The bets were made on the decentralized prediction marketplace Polymarket, which allows users to bet on various events. Over $331,000 has been wagered so far, and those found guilty can face up to five years in prison and a fine of up to NT$500,000. The decentralized prediction marketplace Polymarket allows users to bet on various events.
The site allows users to place bets on the Taiwan Presidential Election, with shares valued at $1. Correct answers are worth $1, and incorrect answers are worthless. Bets on Democratic Progressive Party candidate Lai Ching-te cost $0.78, while Ko Wen-je and Hou Yu-ih cost $0.19 and $0.16 respectively, resulting in a 525% payout. Users can sell their bets before the betting period closes.
(With inputs from Shikha Singh)
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