[Announcement] Notice on the Rearrangement of the Piction Network Foundation’s operating entity and token circulation
This notice is a public announcement that is posted at the request of ‘Upbit’s Disclosure Inquiry’.
To our community:
This is the Piction Network team, Through today’s announcement, Our team would like to explain the major changes to the foundation’s operating entity and token circulation, and to communicate future plans.
First of all, We would like to explain internal personnel and structural changes of the Piction network. The internal structure of the Piction network has been changed several times since October last year. In August, the Piction Network Board disclosed that it accepted the resignation of its founder and elected a second representative.
Subsequently, in December, the board of directors transferred the foundation entity and PXL tokens to a Chinese-based crypto fund for the future business of the Piction Network. Since then, the crypto fund has handed over the entire PXL tokens to the Singapore OTC Desk to secure funding for platform maintenance and development of Piction Network. As this process took a long time, a temporary third new representative was appointed to operate until the change was finalized, resulting in a third change. This was also announced through public disclosure.
At the present time when all the work has been completed, the head of the Chinese Crypto Fund has been elected as the new head of the foundation. This foundation is doing business according to the new roadmap. To sum up, the operating entity of the foundation has been changed four times since the fourth quarter of last year.
In the above process, there was a lot of communication confusion both inside and outside the foundation. These changes were sudden, with uncertainty and rapid progress. At the same time, Piction Network is very sorry for the fact that the process was not transparent and that it has not been publicly disclosed.
As of August 2020, Battle Entertainment, the first developer of the Piction Network, has not been involved in the operation. In addition, we inform you that the Define Art platform, which was planned and developed by the former CEO, has been separated from the current Piction Network Foundation.
Apart from the changes in the operating entity, PXL tokens were transferred to the Singapore OTC Desk to secure business operating expenses by Chinese crypto funds. We apologize for the fact that tokens other than the last published circulation were transferred to the Singapore OTC Desk, but we were unable to disclose them to the community first.
All PXL tokens followed an 18-month vesting period by design. Excluding the distribution volume 557,577,505 (56.46%) announced in November, 429,922,495 (43.64%) of the PXL were transferable from January according to the unlock schedule. It was confirmed that the Chinese crypto fund, which was the operating entity at the time, transferred all of the unlocked amount and the remaining amount of the foundation holdings through the OTC Desk and included in the current circulation.
PXL Token Transaction History: Piction Network Foundation -> Singapore OTC Desk
After completing the token transfer via OTC, the Piction Network team raised a total of 2.07M USDT, and has secured enough funds for the planned 2021 roadmap.
https://tronscan.org/#/transaction/b28ad00cec6f066a06939f4dfd0ffb451b419548747501eb478cf14787a2de28
https://tronscan.org/#/transaction/d8cce6da60317737553c21d7cd1fe762c8837f3ff98cc01814f7f0f7b1a13a80
https://tronscan.org/#/transaction/39c8d72e0ff17aa67911a4b2ede77d09bdd1fea94a5fea01f7026e10a8c4b3ea
Although a major change in circulation occurred, all of the above processes occurred abruptly, and after the completion of all processes, it was released to the community. Contrary to what we promised in the previous announcement, we were unable to publish this to the community first.
Once again, we apologize for not immediately informing the community of the change in the token, which is sensitive, and for not announcing it quickly with the change in the foundation’s operating structure.
In addition, Piction Network is making every effort to develop the platform according to the 2021 roadmap. A portion of the funds secured through the OTC Desk has been used for the development of the Piction platform, and once again, I would like to remind you that our team is making every effort to continue operating the platform.
All the sudden changes have been terminated and the Piction network has been normalized and the business also has been proceeding normally. Please continue to pay attention to the Piction network. Thank you.
2021. 4.19
PICTION. PTE.LTD Board of Directors
