Crypto gambling increased amid missing Titan Submarine

In the wake of the disappearing vessel, crypto wagers betting on life-or-death situations caused uproar across the community

Crypto gamblers reportedly bet hundreds of thousands of US dollars on the outcome of the missing OceanGate Titan submarine.

The submarine, carrying five passengers hoping to explore the Titanic wreckage, disappeared on June 18, which in turn resulted in an increase in crypto betting on the online gambling platform Polymarket.

Despite the darkness of the situation and the unknown fate of the passengers, the public was made aware of the vessel's 96-hour oxygen limit, which at the time, was dangerously close to breach.

However, crypto traders placed morbid wagers on whether or not the submarine would be discovered before June 23, or whether the passengers and crew would run out of oxygen.

During the search for the missing vessel, Polymarket stated that for the bet to win, the cabin holding the passengers must be located, and the discovery of just debris would not count.

“There's currently a 15% chance the missing submarine is found by Friday,” tweeted Polymarket following a yes-or-no poll uploaded to the exchange's account.

It was reported that over $1m was wagered by crypto traders, with betting trends showing 84% of traders voted the submarine would not be found.

The move to bet on the life-or-death circumstances of human beings was seen as distasteful and disrespectful among the crypto community and social media platforms.

Gambling on lives is actually insane,” tweeted video game publication Dexerto. 

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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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