What was meant to be a milestone of success in Wagerr‘s short history suddenly turned into a tragedy. Before the Mayweather vs McGregor fight, a whopping 4.8 million Wagerr coins were put on the line by punters all over the world. Unfortunately, an estimated 4 to 5 million Wagerr coins were accidentally overpaid to investors because of an alleged human error. The mistake is estimated to be a $400,000 oversight.
“Basically it was an error in transcribing the payment amount into the array for the payment script. A simple error with bigger consequence. But the team is covering any losses and had picked some of the dumps.” – David Mah aka Edgemaster, CEO of Wagerr
Wagerr currently has 20 Bitcoins that are stuck due to gateway issues which are to be used to buy back potential dumps. The incoming 20 Bitcoins will be used as damage control to protect investors. At the moment of writing, only 1 million Wagerr coins have been “dumped” on the market so it is likely that the price may not stabilize immediately.
One error can be seen through this transaction, click here. According to the spreadsheet, the payout was intended to be 10,958.04, not 1,095,804. For a full list of the event betting tally, click here.
Prior to the payouts, the following message appeared on announcements in the Wagerr Slack.
“The auxiliary developer on the Mayweather-McGregor promo has taken over payouts after the primary dev was forced to evacuate Houston due to the flooding. We’ve had some communication and coordination problems as a result, unfortunately. They are on track to run in 12-24 hours.”
Unfortunately, whoever was allocated the job of processing payments made the error. The good news, however, is that all payments have been processed for all punters that had voted on Mayweather. Furthermore, the 1.7 million Wagerr that was announced to be burned will be still happening.
So far, the response from the Wagerr team has been extremely professional. The use of personal funds to protect investors and good up front communication about the error is something that must be praised. There is no evidence yet that shows any malpractice, in fact, it is likely to be an error due to the quick and hasty response from the team to protect investors from potential dumps. We must also remember that the Houston floods, a humanitarian crisis, did play a role.
As the saying goes, “Time heals many wounds”. The next few days for Wagerr may not be their brightest, but the way in which the team deals with the temporary crisis at hand will be something worth taking note of and so far it has been positive. As with other tragedies in the crypto world, the error will likely be nothing more than a footnote in the project’s history.
Before the event, In a quick interview with the writer, David Mah commented on upcoming plans for Wagerr.
“Future plans we are implementing a fork of the waves wallet. That will enable fee asset switching and in wallet swap from token to mainnet coins. And of course establishment of a Wagerr mainnet gateway for waves to allow Wagerr to be continually traded on the dex. The team is excited on t1he upcoming Dex release” – David Mah aka Edgemaster, CEO of Wagerr.
Wagerr is still alive and kicking and the “dumps” that may occur could be a perfect opportunity to get some cheap Wagerr coins stashed away.