Polymarket Faces Backlash for Bets on California Wildfire Devastation

The crypto-based prediction platform is allowing users to wager on the spread and impact of the deadly Palisades fire, raising ethical concerns.

The Palisades wildfire in Los Angeles has killed at least five people, destroyed over 2,000 homes, and forced more than 100,000 evacuations, with the fire spreading across 17,000 acres as of Thursday.
Polymarket, a cryptocurrency-based prediction platform, has introduced betting markets on the wildfire's extent, including whether it will spread to Santa Monica or burn over 10,000 acres by Friday.
The platform claims its goal is to provide accurate, real-time forecasts during major events, though critics have condemned the practice as unethical and exploitative of human suffering.
Prominent figures like Ethereum creator Vitalik Buterin have defended Polymarket, arguing that the platform incentivizes accurate predictions and discourages misinformation, though backlash on social media has been widespread.
Polymarket has stated that it does not profit from these markets and prohibits U.S. bettors due to regulatory restrictions, but the legality and morality of such bets remain under scrutiny.