The recent disappearance of a submersible carrying five individuals while conducting a dive into the Titanic wreck site has sparked an unsettling event in the world of cryptocurrency. As search and rescue efforts are underway in the North Atlantic, a surge in crypto betting has emerged, with individuals placing bets on whether the missing submarine will be located by a certain date.
This raises moral issues and highlights the need for responsibility in the gambling industry.
Rescue Operation Underway for Days
The submersible, operated by OceanGate Expeditions, vanished during a dive to the Titanic wreck site in the North Atlantic. Media reports confirmed that the vessel lost contact with a surface vessel on Sunday morning. This triggered a search and rescue mission.
The submersible was carrying five individuals. Media confirmed that it includes a British adventurer, a French diver, a Pakistani father and son, and OceanGate Expeditions’ founder. However, as several days have passed, experts note that underwater rescue operations are significantly challenging. They note that weather conditions and sea state affect the chances of success.
The Rise of Crypto Betting in a Worrying Trend
Amidst the search operation, an unsettling trend has emerged within the crypto community—betting on the fate of the missing Titanic sub crew.
Polymarket is currently hosting the betting pool, with users wagering whether the OceanGate vessel will be found by June 23. The market volume currently stands close to $60,000, with liquidity of over $27,000. The buy price for “No” is 94 cents, while “Yes” is 10 cents at press time.
As of June 22, the odds of the submarine being found by June 23 leans toward the negative. The odds on the betting field stand close to 80:20, with more and more people betting on the submarine not being found.
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A former submarine commanding officer recently expressed doubts about the survival of the five people aboard. Despite ongoing search efforts, concerns over hypothermia, carbon dioxide poisoning, and the challenges of deep-sea recovery raise uncertainties about their fate.
Cardano founder Charles Hoskinson also voiced similar concerns but seemed confident about the outcome.
Calls for Responsible Betting
But, serious moral questions are raised by the growing popularity of crypto betting on actual events. Particularly those involving real people. While gambling has historically been a part of many different businesses, including sports, it is impossible to overlook the moral ramifications of placing bets on outcomes that could be tragic.
Promoting a culture of safe gambling within the cryptocurrency community is essential if it is legal within the jurisdiction. Especially as the practice of cryptocurrency betting takes steam.
With sports betting being legal in 30 states and permitted online in 18, the US sports betting landscape is changing. However, the US federal government is considering measures to outlaw wagering on several occasions, including political elections. According to Bloomberg, the Commodity Futures Trading Commission intends to remove PredictIt’s license to operate as a betting site. This will cast doubt on the future of event-based betting.
In this instance, the emotional toll on the families and loved ones affected cannot be ignored. Platforms can deter offensive wagers and ensure the crypto ecosystem follows moral standards by encouraging responsible gaming behavior.
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