The Man Who Bet on Presidential Elections with Crypto 🎲
You may have heard about a recent incident in Taiwan where a man was detained for allegedly breaking the President and Vice President Election Recall Act by using a crypto-gambling site to wager on the presidential elections. Here are the details of what transpired:
Man Detained For $500 Crypto Betting 📉
On Monday, a man named Mr. Chen was accused of violating the election recall act by betting around $500 on the presidential election using the crypto-betting site Polymarket. Here are some key points related to the incident:
- Chen bet 472.17 USDC on Ko Wen-je’s victory and 60.16 USDC on the Democratic Progressive Party’s win.
- He made these bets between December 12 and December 17, a month prior to the elections.
- Chen violated the President and Vice President Election Recall Act by gambling on election results.
In Taiwan, citizens who engage in online or in-person election gambling can face up to six months in prison and fines up to $3,100 as per the Election Recall Act.
Taiwan’s Crackdown On Electoral Gambling 🔒
Mr. Chen is not alone in facing legal consequences for betting on the elections through crypto-gambling sites. The Taiwanese authorities have detained nearly 30 individuals for similar activities. Here is the broader crackdown:
- Authorities arrested 28 people and seized approximately $13,500 in crypto for breaking the election recall act.
- The Criminal Investigation Bureau (CBI) restricted access to Polymarket locally in December.
- Over $700,000 had been wagered on the presidential elections leading up to the event.
Legal Ramifications and Conclusion 🚨
Taiwan is taking a strong stance against election-related gambling to maintain the integrity of the electoral process. Remain cautious about engaging in such activities, as the consequences can be severe in terms of legal penalties and fines.
By
By
By
By
By