A Taiwanese man, identified by his surname "Chen," has been accused of using the cryptocurrency betting platform Polymarket to place bets on the country's 2024 elections. The Shilin District Prosecutor's Office reported that Chen bet approximately $472 on Polymarket that the Taiwan People's Party's candidate, Ko Wen-je, would win the presidential elections. Additionally, he placed a $60 bet that the Democratic Progressive Party would win more legislative seats.

The prosecutors' investigation found that Chen violated Taiwan's laws prohibiting the use of the internet to gamble on election results. The country's President and Vice President Election Recall Act strictly prohibits citizens from engaging in such activities. Chen admitted to the crime and was granted deferred prosecution due to his lack of prior convictions. He was ordered to pay a fine of $4,000 and was allowed to defer prosecution for a year.

Taiwan has been actively investigating citizens' use of Polymarket before the election. In 2023, individuals were summoned for their alleged involvement in crypto betting on election results. The country has warned citizens not to use crypto betting platforms on election results, as it is illegal. Violators could face a six-month imprisonment sentence, detention, or fines of over $3,000.

Polymarket is a popular betting platform used by many gamblers in the crypto space. It allows users to place bets on serious matters like the spot Bitcoin exchange-traded fund decision as well as frivolous things like how many times Elon Musk would post on Twitter. In 2022, Polymarket faced regulatory challenges in the U.S. and settled with the Commodity Futures Trading Commission (CFTC) to pay $1.4 million in fines. Despite these challenges, the platform continued to thrive, attracting major investors.