A man in Taiwan, identified as Chen, was charged by prosecutors for using the crypto betting platform Polymarket to wager on the country's 2024 elections. Chen placed bets totaling 472 USD Coin on Polymarket, predicting the outcome of the presidential elections and legislative seats. This violated Taiwan's laws against online gambling on election results. Chen confessed to the offense and received deferred prosecution, paying a fine of 30,000 yuan. Taiwan has been cracking down on citizens using Polymarket for election betting, warning of potential imprisonment or hefty fines. Despite regulatory challenges, Polymarket remains popular in the crypto space, attracting significant investments. In a recent funding round, Ethereum co-founder Vitalik Buterin and Founders Fund led a $70 million investment in the platform. Read more AI-generated news on: https://app.chaingpt.org/news