SBS has elected to redact a section of Ricky Jackson’s statement which contains allegations about the actions of the ProBit exchange in selling the SGO/SGOX token. Mr Jackson claims that ProBit was a bad actor in these transactions, and that he has evidence to this effect. ProBit denies these claims.
OFFICIAL STATEMENT – WITHOUT PREJUDICE
Judging by your line of questioning it is clear to us, that you have clearly been misinformed.
In order to answer your questions, we first need to correct your mistakes and provide you with the facts pertaining to the Sportemon Go business and SGO / SGOX tokens, as it is not a Community owned project and Token holders have no rights inline with your questions.
Sportemon Go was a Tokenised Sports Business, with the SGO / SGOX token businesses owned by a UK company RJ & Co Marketing Limited. The company did also not renounce the contract and therefore the Director and Management Team have the sole management right, and responsibility to make any and all decisions, for the Tokenised business that is in the best interest of all stakeholders.
All decisions and actions have been performed in accordance with acceptable business practises, and with responsible management to execute the vision outlined originally in the business statement which is exceptionally clear “Sportemon Go is a tokenized business, to be fully funded by the SGO BEP20 Token”.
This is the fundamental structure of the companies business model and the vision statement supports this fact. It was clearly stated and visable above the fold on website, first page of the whitepaper and in the Coin Market Cap description and mentioned thousands of times in public communications and forums.
Importantly, it is also the sole utility purpose of the Token to fully fund the Sportemon Go business and without the token achieving this purpose there is actually no need for Tokens or Token holders.
Unlike many other Crypto Token Projects that are community projects, DAOS or Governance Tokens, where the contract is renounced to the community and that also may have some management or governance voting rights and even receive a share of profits, dividends or incomes, SGO / SGOX is starkly different in that it provides none of these rights to holders.
Instead purchasers of SGO / SGOX Token can redeem the token for NFT Collectibles, Games, Experiences, Rewards, Special Offers, Exclusive VIP Whitelist opportunities and these also also fully transferable or tradeable on partner exchanges.
This is like a Pre-Paid or Gift Card, the Token holder has NO direct or indirect investment in the Sportemon Go business or company, they are also not entitled to any say or any benefit from any trading profits, shares, or dividends other than the redemption benefits detailed in the above paragraph.
We heard that the team wallets sold mass amounts of the SGO Token? We strongly deny this misinformed claim. The business vision statement is exceptionally clear “Sportemon Go is a tokenized business, to be fully funded by the SGO BEP20 Token”. That is the sole utility purpose of the Token to fully fund the Sportemon Go business and the way it fully funds the business is through the sales of tokens.
Any token sales were for business operational costs, contracted costs, creative product, app, tech and NFT development, Team, Athlete, and Event Marketing, Advertising and the many other costs the business incurred. Unfortunately the Tokenised business costs were unsustainable, and the Company, Director and Team were left to fill the considerable funding void.
In actual fact our subsidising of the tokenised business funding shortfall through secured loans, underpinned the floor price and enabled the business to continue. This was to the benefit of all our Holders and debunks the misinformed allegation.
At all times, the Director and team have acted in accordance with professional business standards, within UK company law and despite being a private company, displayed exceptional transparency, with Director, Management, Staff and over 20 admins helping to provide daily 24/7 updated communications in chats, active social media and regular email updates and going over and beyond on so many levels.
Unfortunately, the truth is simple, despite the best endeavours of the Director and Team, the SGO/SGOX token was incapable of funding the tokenised business plan and vision.
Why did SGO wallets sell tokens to pay bills; As you clearly state the purpose was to pay bills, which is consistent with above public statement “Sportemon Go is a tokenized business that was to be full funded by the SGO BEP20 Token”. We have acted in accordance with accepted business practises, company law, the whitepaper and other publically stated facts, that support the sole purpose of the token is to fully fund the business.
It is also the responsibility of any Company Director to pay the bills that fall due as and when they fall due and even after SGO/SGOX could not fund the business, we continued to act responsible, made secured loans to the business so that it was not trading insolvent, pivoted the business to trade within it’s financial means, provided new and highly rewarding offers to holders, reduced operating costs and negotiated exits of contracts which enabled the Token to continue operating.
These actions, allowed Token holders to benefit from a variety of fantastic offers by redeeming their Tokens for highly prized assets, instead of ending up with a worthless token. Never before in Crypto has any founder/operator funded the costs of the token, let alone found valuable rewarding solutions that gives every holder the opportunity to profit from other Token offers.
Thousands took up our DOG$ token offers, Racetrack Ownership and other opportunities, with overwhelming majority of 90% of people, with 95% of the token allocation voting to redeem their SGOX for L1TF Tokens. This is an incredible outcome for loyal holders.
We are exceptionally proud and comfortable in the fact, that we acted responsibly in this matter as a Company, as a Director for the benefit of the company, all stakeholders and community alike.
Can you comment on allegations that investor funds should not of been used in this manner. A ridiculous allegation! Firstly, I have no idea what investor funds you are referring too, as this is a Tokenised business owned by a company, with the management having 100% authority in all business operational and commercial matters.
Secondly, we have not renounced the contract and the SGO/SGOX holders have never had any commercial interest in the company, business operations or entitlement to any profits whatsoever. They are not entitled to any equity, shares, portion of profits or dividends, so there is no such thing as using investor funds.
For clarity, purchasers buy a token which is redeemable for Sportemon Go products and services. It is akin to buying a pre-paid card or gift card that is registered on blockchain as a Token and they are transferable.
If people choose to trade in tokens, then it is impossible to not know that this is a highly volatile and risky form of trading. As the Token purchaser has NO rights in regards to any funds, voting, and decision making and therefore most are merely gambling.
Can you respond to allegations that the selling of SGOX Tokens from team wallets contributed to the draining of liquidity. FALSE, MORE FAKE NEWS! and this may be the craziest of all the msinformed allegations yet. Firstly, the wallets referred to in this allegation are not even ours!
First part of fact checking, would be to know that over 60% of the SGOX Tokens started in our wallet or have been distributed from our wallets. Why? because this is where they start, before we send out to the Token holders. In this instance PROBIT, XT and Bitmart holders were not airdropped, so were distributed from our wallets. As was the SGO Donors, and the utility use of the SGOX token for SGOX staking, tokens sent to DOG$ staking pool, token rewards, token prizes, staff bonuses, admin bonuses, athletes, marketing, creative, PR releases, advertising and much more.
Because a Token starts in our wallet, does not mean the Team are selling and definitely does not mean we benefit. In over 90-95% of cases that claim the Team is selling, is false and is not the team. It simply relates to a beneficiary of a Token listed from above.
Additionally, we received over 20% or 15 million Tokens back from the Redemption offers and paid out more than 30% being 22.5 million DOG$ to the staking pool rewards, burnt 5.5m tokens (effectively a buyback) and so again they were sent from our wallet, but we did not sell or commercialise the Tokens.
To say otherwise is lying and clear defamation.
So your fake investigator, who already stated he did not do an audit SGOX has provided you with FALSE, and misleading information. Clear case of libel and FUD!
Although irrelevant, it is worth also pointing out that all token sales drain liquidity, just like all buys add liquidity, however first there has to be liquidity to start with. So not only were the majority of wallets not ours, you also missed out on probably the most important FACT! We put in all the liquidity for the SGOX Token liquidity.
This was a total of $370,000 that was placed into Pancake Swap and without this deposit into LP there is nothing to drain.
We also put in a further $60,000 for buybacks within the first two weeks of SGOX Trading.
It makes no commercial sense or business logic, for the company and management to put in $370,000 liquidity, do $60,000 in buybacks, have the team work 24/7, incurr and personally fund nearly $10,000 in operational losses per day, to take back money through slowly draining liquidity that we already had!
That is the most crazy allegation yet and it is borne out of pure slanderous FUD and stupidity.
• The liquidity was put into Pancake Swap by the team
• The wallets you are referring too are not even ours.
• We funded the buy backs and would easily be the single biggest buyer in SGOX
• We gave away more than 10m of our Tokens to the rewards pools
• We burnt a further 5.5m Token
• We funded operational cost shortfalls
• We provided offers to token holders to redeem tokens, that have a cost to us to execute.
Unfortunately the SGOX tokenised business was hit with severe FUD, blatant lies, slander and the malicious spreading of this misinformation.
It was highly targeted, and cut the Market trading from SGO December 2021 ave of $400,000 per day to under $10,000 per day. At this level the business can not be sustained with the companies contracted operational costs. This left the Company and Director to incur over 90% of the daily losses to the benefit of holders.
The reason for a declining liquidity pool is simple, due to the FUD there were more sellers than buyers. It scares away buyers and then spreads fear like wild fire to other holders. Forcing panic and more sellers, causing more sells and it is a slippery slope until there are no buyers.
These are the scum of crypto, unregulated, unqualified, self appointed crypto police and kangaroo court judges who sadly lack the financial knowledge, experience and investigative process for their self appointed positions. Even sadder than people listen to this garbage and it is highly profitable.
Additionally the broader market has also been a bloodbath, adding to the difficulties and woes.
There is no basis and no logic for this false allegations, especially when it is clear that the Company, Director and Team would of been far better off financially to simply closed down the SGO Token after the PROBIT scam/theft forced SGO v1 to cease trading. There was no obligation to do V2, and the secured loan provided to enable SGOX to even launch, could of been used to pay the operational costs and continue as a NON Tokenised business.
All token holders would of recieved nothing for their tokens, however this would of been a highly profitable outcome for the company. However, we chose to continually invest ‘our own’ money and time in the Token, developing product offers and services, whilst paying overheads, so we can give benefits to our loyal community.
Unfortunately, unqualified, self proclaimed experts get to spread lies, disinformation and then others who are ignorant to facts or inexperienced in business then spread this misinformation without any regards for if the lies are true or not.
However, we would of thought SBS was above sensationalism and gutter journalism and not blind to the FACTS and logic presented.
Will you make public the accounting records? No, we will not be making any private company commercial arrangements and financials public.
Unlike shares, when you buy SGO / SGOX Token, you do not buy equity in the company, or business or gain any entitlement to profits or dividends. They are simply buying a token that is redeemable for our NFT collectibles, games, products, services, experieces and other offers made available that accepts SGO/SGOX tokens as payment or sell on exchange.
The UK company that owns SGO/SGOX Tokens, is also a private company and therefore does not need to disclose its financials in the public arena. Additionally, we are under strict confidentiality and NDA agreements in regards to contracts and it would also be against the law to divulge private and financial information to the public on any of stakeholders and 15,000 holders which would clearly be against the community interests and accepted Crypto community code of conduct.
What income, if any did you or Corey recieve from Sportemon Go. This private information is also not for public disclosure and holders have no right to request this information. However, as per other statements, we have provided many loans to fill the funding void when SGO could not fully fund the vision for a Tokenised Business, we provided other loans and we have continually funded the daily costs during the entirety of 2022 when SGOX could barely cover 10% of the daily costs. The loans we provided significantly out way, any revenues from the SGO / SGOX Token.
You have publicly claimed Probit exchange sold massive amounts of SGO without your permission and that PROBIT Exchange were the BAD ACTOR; YES, we have because this is a FACT, actions taken by PROBIT wiped over $15 million from our market cap in December ($30m to $15m), caused us to cease trading in the SGO contract. This ultimately was a crucial factor combined with FUD which led to the demise of Token values and inability to fund the SGO/SGOX Tokenised business.
We have provided you with these obvious, irrefutable and evidentual facts.
It is very simple process to now follow and we will also publish these on our website, chat and socials today. So more Blockchain literate persons than yourself, can see for themselves. The BSC Scan clearly shows the master wallets, sub wallets and we will also publish the EXCEL spreadsheet to help anyone to follow the money to hundreds of accounts performing the sell off on behalf of the head wallets.
…perhaps the even bigger question and silver bullet is why would we cease the SGO contract when we require this contract to be operational to pay for the SGO tokenised business bills?
At this time SGO was covering many of the SGO operating, development and contracted costs. It was a massive negative hit for us to halt trading, investigate, find the bad actor perpetrators responsible, deem it was necessity to start a v2 contract (SGOX) and fund that time, and launch. The FACT is that it cost us well over $500,000 and there was not and never was any benefit in us selling these tokens, which clearly with above indeniable proof we did not.
Unlike self proclaimed wannabe “investigators” who shout SCAM, RUG, THEFT without any proof, or basis for the claim and are never held accountable. We had highy skilled persons both from within the team and external to the team study the Blockchain BSC Scan, run trading anaylitics, and look into all the financial data in our investigation to identify the problem, before we made any claims or accusations as these matters are serious and FACTS count!
Throughout the whole event, we acted responsibly, timely and openly to manage the matter, we ceased trading immediately, we held open AMA to state publically what had happened, we started the forensic work process to uncover the perpetrators and once we did and determined the need for a new contract we started SGOX (V2 contract).
Ceasing the SGO contract was exceptionally detrimental to our company, not only was the token stopped, the token revenues stopped, which was the sole funding mechanism at the time, and responsible for the fully funding of the tokenised business. Instead there was 25 day hiatus were we had to cover 100% of business costs, for the total company business overheads, costs, marketing contracts and other development contracts PLUS pay for the new SGOX v2 contract, marketing for the the new launch, additional work and costs in rebranding SGO to SGOX which was significant.
The contract stopped, the costs did not and our direct losses were at least $500,000 [REDACTED COMMENTS]
We have clearly stated and indesputably proven above that “Sportemon Go is a tokenized business that was to be full funded by the SGO BEP20 Token”… and the only way to fund a tokenised business is to sell tokens. We managed this professionally, openly, transparently and responsibly in the payment of bills. We almost loaned money to the Tokenised business when the Token could not support the business costs.
We have acted responsibly at every step, we are the first token, ever where the founders or company behind the Token have loaned money to subsidise a Token, to the benefit of holders. We have gone well over and beyond to provide returns to our holders, delivering an amazing outcome supported overwhelming by real Token Holders with L1TF.
Importantly, whilst you have focussed on negative comments and presented misinformation. You also failed to acknowledge that many thousands of holders, who have made significant profits. You also failed to count FREE NFT products, benefits, and rewards. To not count these reward benefits for a reward token is to only acccount for part of the value, which for many provided returns well above their initial investment. So this mischievous reporting at best. I doubt the ones you are speaking with are any real holders as 90% of holders with 95% of tokens voted to redeem their tokens for L1TF.
However, if they were / are real holders then it us highly likely to be the ones that bought high, sold low and traded poorly, where impatient or did not understand the business before purchasing. sadly some would of been scared by the FUD caused by others and we feel sorry for these people. However, Token Trading is highly risky and purchasers do so at significant risk of loss.
DYOR is however the number one thing for any Token buyer or any purchaser of anything really! If they can not understand the fundamental of the business, was a Tokenised Business then they did not do the most basic research as it was clear on the first page of the website above the fold, in the whitepaper and features in Coin Market Description, which is the cryptocurrency bibl for buying Tokens. Additionally this is supported by 1000s of statements in public forums, PR releases, chats and Ask Me Anything (AMAs) sessions. The whitepaper, website, Coin Market Cap (CMC) and chats should be the first places you check and bare minimum for the most basic DYOR.
Further questions could of been asked in any of our 24/7 chats ran excellently by management, staff, and supported by over 20 admins. There was also AMAs (question and answer time) which were held multiple times per week and this very question was answering 1000s of times.
Ultimately, all investors or token holders are solely responsible for their research (or lack of) decisions to purchase and sell, trade, profit or loss behaviours.
In Crypto, key board warriors is rampant, and the spread of FUD (a word for creation of disinformation, then organised spreading of this lies and misinformation). Sadly, it is rampant and one the biggest problem crypto faces in attempts to become more main stream. It is malicious with the creation and spread of misinformationn having the pure intent to hurt investors. Sadly there are many unqualified wanna be financial investigators, who self appoint themselves (and benefit financially by doing so), without any credentials or skills in this area and then maliciously target hard working founders, projects and businesses who do not pay them (akin to a bribe or blackmail) and or someone else pays them to issue a scam warning or Rug reports.
It is dispicable and lowest form of behaviour but welcome to Crypto, dont let FUD, lies and rumour stand in the way of FACTS or a good story.
Should Crypto be regulated? That is upto global authorities to decide, however in my opinion the biggest problem in crypto, is the unlawful behavior of persons who spread FUD, lies disinformation and misinformation destroying promising businesses, reputations, token values and investor returns without producing a single peice of fact.
This malicious slander has cost our company, ourselves, our investors, stakeholders and token holders many millions of dollars across multiple projects and these faceless self appointed experts, defame projects daily because it is beneficial to them financially and highly profitable!
This is where regulators should focus, as it is a problem across all socials, with fake news but that is amplifed in Cryto circles and that should be the first action to stop the creation of FAKE stories, news, and penalise people severely for the creation of disinformation, and spreading of misinformation, whether mailicious or not, as the spreading fuels losses of value, and repuations and can as it has in this case kill a highly promising business.
For and behalf of RJ & Co Marketing Limited.
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