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.
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