Charles Hoskinson Wins $50,000 on Alonzo Bet, Urges Polymarket to Donate Win to Kids Cancer Charity

On Sunday, Sept. 12, the long-anticipated Alonzo hard fork was launched on Cardano and enabled the smart contracts feature on this proof of stake (PoS) blockchain.

The CEO of Input Output Global and founder of Cardano Charles Hoskinson has announced that he has won a $50,000 bet from the Polymarket team, a prediction market platform. The team bet that Cardano would not release the smart contracts feature before Oct. 1. Now, Hoskinson has picked a charity where Polymarket should donate the money.

So since @PolymarketHQ lost, they have to donate $50,000 to the charity of my choice. I thought about it and found a small one with a really good heart https://t.co/dIgeqCrEuK

— Charles Hoskinson (@IOHK_Charles) September 13, 2021

Cardano-won cash will head to a kids' cancer charity

Hoskinson has taken to Twitter to remind the Polymarket team that they will now have to donate $50,000 to the charity he picks after the smart contracts feature goes live.

Hoskinson's choice fell on a "small [charity] with a really good heart," a project called Magic Yarn. The website states that it is an initiative that helps children suffering from cancer and is based in Palmer, Alaska. The project makes wigs for kids who lose their hair due to chemotherapy.

The bet was offered by Polymarket on July 15. The company also offered to bet on or against Cardano launching smart contracts before Oct. 1 on its prediction market platform.

You know what's really funny, Charles? @Cardano still not having smart contracts

We'll bet you $50,000 on Polymarket that you won't have live smart contracts for Cardano $ADA by Oct 1st

Time to put your money where your mouth is, Charles. Winnings go to charity of choice https://t.co/PPDN5oJCEb

— Polymarket (@PolymarketHQ) July 15, 2021

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ADA plunges 13% despite Alonzo launch

Earlier today, the native currency of Cardano, third-ranked ADA, demonstrated a drop of 13% from the $2.60 level instead of the expected substantial rise.

The coin is changing hands at $2.34 at press time.