Mogul Official Statement
This was announced at 9pm PDT last night on our telegram page and we are now reshaping it on our blog for greater accessibility.
Thank you for staying patient with our team.
At Mogul, we are committed to the long term vision of the company. We have spent significant time speaking to our team and external advisors and legal team to find the best way forward for our company and community. We have been running through every strategy playing out scenarios while observing within regulatory guidelines with our legal team. We know that we have one chance at getting this right.
Mogul is a business with real people and a mission to make fan-driven movies using blockchain technology. We will continue on this mission and we hope that you will remain by our side and believe, like we do, that the potential of Mogul is endless and we have only just begun.
We have not stopped working because of the market perception of our STARS token, however we clearly need to reevaluate internal processes.
We have been listening to our community all day. We have been reading every email, telegram message, and direct inquiry. There are key themes that have been suggested as a next path forward. We’ve taken them extremely seriously and have reviewed them with our advisors.
Token Relaunch: This is problematic in multiple ways. First off, this is not a quick action. It takes time to set up the smart contract to return the current STARS for new STARS V2. Second is that it might run the same risks of what happened previously on Uniswap and related pricing dynamics (which we do not control). This would leave us back at square one.
Adding Liquidity To Uniswap: We have consulted some of the best people in the business for their guidance. These experts have told us that adding liquidity to the current market, which our community has called for, will not help token holders. Our legal team has also advised against this.
Token Buy Back Program: This was not a suitable course of action for our legal team. This would not be favorable for all holders either, because some hold different tiers of passes and have expressed that they bought tokens at different prices than Mogul would be able to offer at a buy-back.
Airdrop STARS to Early Purchasers: Providing more tokens to the community, when sentiment remains this low, would only contribute to the selling on the market, further negatively impacting the sentiment of our community. This was also not advised by our legal team.
Burn Tokens From Top Up: According to our legal team, this has been deemed as the best option. Mogul is committed to burn 25,000,000 STARS which will come from the Top Up tier and treasury. Our early supporters have said if we do this they will support us in the market. We are also still holding our NFT auctions and building our NFT marketplace. Tokens used in these actions will be burned, further limiting the number of tokens. The token burn will happen after the Rob Prior NFT Auction, as that is when we will know how many STARS would be required to purchase his art and we will burn all at the same time.
During this unfortunate moment, we’ve realized that it is in Mogul’s best interest to also make internal organizational changes. We’ve heard your voices. We are in the process of bringing in new leadership that will help Mogul’s growth, communication and long term strategies.
We will update the community promptly when we onboard these individuals and the changes that we are going to make going forward to our internal processes to ensure that Mogul moves forward much smoother, and so that the sentiment of our community remains focused on the long term goals and vision of the company.
Mogul has just brought on some new advisors and market experts to help with the situation. We feel with all of these solutions in place that this will bring positive sentiment back to Mogul. Mogul is committed to giving value to all of our supporters. In the short term and the long term; you will see this. This is our first step in showing the community how serious we take this and what we are willing to do to win back your trust. We are dedicated to earning your trust back.