You may have noticed the sudden drop in token price on Friday. This was due to the sudden sale of a set of tokens by a group of scammers. This announcement is to explain the circumstances behind this, and to update you on the business elsewhere.
BETR has always been committed to ensuring we create value for our investors and continue to develop our products which make us unique. We have been working tirelessly to find ways to increase the liquidity and price in the token trading. This is driven primarily by two things – investor reach, demand and access and by the underling utility. In terms of the former we are always looking to broaden our reach particularly in the Asian markets. About a month ago we were offered what looked like an attractive deal by a leading Hong Kong and Chinese exchange. They would list us in return for tokens and would run a promotion including a trading competition and other activities that would entice their large user base into buying and trading our tokens. In addition, we were promised market making services and other marketing incentives.
Whilst we researched the exchange and the deal and performed as much due diligence as we could, on this occasion we unfortunately fell victim to a sophisticated scam. Once the scammers had received the promotion tokens they dumped the lot on the market – leading to the Friday price decline. The damage done to the trading price far exceeded losses in terms of monetary value (<$10K), but unfortunately the damage is done and we now need to recover. The Board of BETR is reviewing the circumstances under which this has happened and we will do everything we can to avoid similar situations moving forward.
On a brighter note we are in negotiations with an Asian white label to open a new B2C for them on the BETR token and technology. They have an existing token with distribution in key markets and we will be looking at supporting that as a betting currency as well. We are excited by this opportunity and continue to be energised by the BETR capabilities.
We are also a long way down the track of integrating eSports which is a new and popular market in our target regions – it looks like a January release for that.
Wishing you all the best for the festive season and a profitable 2020.