5 Billion Won Bet on President Yoon's Resignation
7 Related Bets... 73% Chance of Resignation
A bet has been placed on the cryptocurrency-based world's largest betting site, 'Polymarket,' predicting that President Yoon Suk-yeol will resign within this month.
Polymarket is a cryptocurrency-based betting site launched in 2020. It operates on the Polygon network, allowing investors to earn profits by predicting outcomes related to election results, cryptocurrency prices, popular culture, and global events. Transactions are conducted using the stablecoin USDC, rather than dollars or fiat currency.
A bet has been placed on 'Polymarket' that President Yoon Suk-yeol will resign within this month. Polymarket
On the morning of the 4th, about seven bets related to the current situation were opened on Polymarket. Among them, the question "Will President Yoon resign from the presidency of South Korea in 2024?" saw bets totaling approximately $391,419 (about 554.4 million KRW), with the likelihood of resignation assessed at 73%.
Earlier, the question "Will President Yoon lift the emergency martial law?" attracted bets exceeding $300,000. These bets continued until around 4:27 a.m. on the 4th, just before President Yoon announced the lifting of the martial law live from the presidential office in Yongsan, Seoul. Additionally, there was a question, "Will President Yoon be impeached within 6 days?" with about $60,000 wagered and the possibility estimated at 20%.
At around 10:30 p.m. the previous night, President Yoon declared emergency martial law in an urgent national address, stating that "pro-communist forces must be eradicated and the free constitutional order preserved." In response, the National Assembly convened a plenary session around 1 a.m. on the 4th, passing a resolution demanding the lifting of the emergency martial law with 190 members present and 190 votes in favor. Consequently, President Yoon lifted the martial law after six hours.
Foreign media have widely analyzed that this incident has jeopardized President Yoon's political standing. The Washington Post (WP) forecasted, "Although the martial law declaration lasted only six hours, it will cause widespread repercussions in South Korea, known for its vibrant democracy." The Wall Street Journal (WSJ) stated, "President Yoon made a major political mistake," adding, "With his approval rating recently falling below 20%, President Yoon now faces difficult questions about his political future."
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