Everyone is in an uproar over the missing submarine. The Titán submarine carried five passengers, and its objective was to visit the Titanic. Unfortunately, on that very Sunday, the device vanished without a trace. And people have seized the opportunity to make money.
A multitude of users on the betting platform Polymarket are wagering tens of thousands of dollars on whether the missing tourist submarine from the Titanic, named Titán, will be found before midnight on June 23.
This moment is crucial, as by then, it is likely that the five passengers on board would have run out of oxygen.
As of Thursday morning, users had bet over $120,000, with the majority of bets placed on “it will not be found,” accumulating around $107,000 in wagers.
When tragedy turns into money
The Titán submarine embarked on its journey with a 96-hour oxygen supply, equivalent to four days, last Sunday. Although some estimate that the passengers will run out of oxygen this morning, there are ways they could have conserved air, such as breathing less deeply and more frequently. However, there is no way to know how much oxygen remains on board.
In an unpleasant twist, the fact that the Titán passengers are found alive does not matter when it comes to betting, according to Polymarket.
Polymarket is a platform that allows people to make cryptocurrency bets by buying or selling “shares” on the outcomes of certain events. The shares can be redeemed for $1 if the chosen outcome is correct but hold no value if it is incorrect.
“For the purposes of this market, it is not necessary for the ship to be physically rescued or recovered to be considered ‘found’,” reads the market description on Polymarket’s page. “If pieces are located but not the cabin containing the ship’s passengers, that will not be sufficient for this market to resolve as ‘Yes’.”
The Polymarket bet on the submarine was discovered on social media by Dexerto on Wednesday night and appears to have been created only a few hours prior.
The company’s official Twitter account promoted the bet, stating that there was “only a 15% chance of the missing submarine being found before Friday,” and retweeted users boasting about how much money they had spent on the bet.
Humanity sometimes deserves its own extinction. Honestly. And this has nothing to do with the Logitech controller piloting the submarine.
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