🎲 Taiwan's crypto bettor, Mr. Chen, found himself on the wrong side of the law after wagering 472 USDC on the country's 2024 elections via Polymarket. He bet on the Taiwan People’s Party’s candidate winning the presidential race and the Democratic Progressive Party bagging more legislative seats.

Chen's gamble didn't pay off, as he was accused of violating laws against online election betting. Despite confessing, he dodged jail time due to a clean record, instead receiving a deferred prosecution and a $4,000 fine.

Meanwhile, Taiwan has been cracking down on Polymarket users betting on elections, with potential penalties including six-month imprisonment or fines over $3,000.

Despite facing regulatory hurdles, Polymarket continues to thrive, recently securing a $70 million investment led by Ethereum co-founder Vitalik Buterin and Peter Thiel’s Founders Fund.