Man charged after betting cryptocurrencies on presidential candidate

Man charged after betting cryptocurrencies on presidential candidate

The Taiwanese government is prosecuting a man who used cryptocurrencies to bet on who would be his country’s next president. Second local media informationonly the individual’s last name was revealed and he was not arrested as he was a first-time offender.

Chen allegedly used the website Polymarkt for stake 472.17 USDCequal to R$2,580 at the time of writing, that Ko Wen-je would win the elections primaries for president of Taiwan.

About $3.75 million was wagered on who would become Taiwan's next president.  Source: Polymarkt.About $3.75 million was wagered on who would become Taiwan's next president.  Source: Polymarkt.
About $3.75 million was wagered on who would become Taiwan’s next president. Source: Polymarkt.

Taiwanese not alone lost the betas Ko Wen-je also lost the election to Lai Ching-te faces legal problems. The elections took place in January and the new president took office in May.

Taiwanese man prosecuted for betting on presidential candidate

Chen is said to have used others as well 60.19 USDC (R$330) to bet that the Democratic Progressive Party (DPP) would win more seats in the Senate. Again, the Taiwanese lost the bet.

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To make matters worse, the The Taiwanese Public Prosecution Service is prosecuting the gambler. Local media said he had violated laws banning betting related to the country’s presidential and vice-presidential elections.

The Taiwanese escaped arrest alone confess to the crime and further, be a first offender. However, he will have to pay an amount fine equal to R$5,000 in local currency.

When he adds his bad gambling choices and the fine, Chen ended up spending about R$7,900 in this joke, in addition to soiling his name.

Elections are successful at Polymarket

Founded in 2017, recently launched the website Polymarkt receive a contribution from $45 million from big names in the industry, including Vitalik Buterinefounder of Ethereum.

Besides being the most famous prediction market in the cryptocurrency market, including bets on broker bankruptciesPolymarket strengthens itself with bets related to presidential races.

For example, approximately R$1 billion in bets are being placed on who will become the next US president. Of 56%, Donald Trump leads, followed by Joe Biden of 34%. However, there are several other polls on this topic.

Polymarket already records billions of reais in bets related to politics.  Source: Polymarkt.Polymarket already records billions of reais in bets related to politics.  Source: Polymarkt.
Polymarket already records billions of reais in bets related to politics. Source: Polymarkt.

Finally, each country has its own laws regarding these prediction markets. In any case, the case of the Taiwanese man above appears to have been an isolated event, as it is rare for a government to take such measures.

Source: Live Coins

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