TenX: A tale of lies, deceit and ponzi schemes

During a time where TenX ranks as one of the best performing cryptocurrencies amidst a very bloody day on coinmarketcap. Behind the scenes we see TenX CEO Julian Hosp under considerable scrutiny from many areas of the cryptocurrency community for involvement with past Ponzi scheme Lyoness. 

In a recent video, head honcho, Julian Hosp has been publicly outed for involvement with Lyoness, a well-known Austrian Ponzi scheme.  Confirming rumours that had been circulating across sub-reddits, forums and Facebook groups of his involvement since the early Summer.

The video is particularly damaging as it clearly shows how deep Hosp’s involvement with Lyones actual was, showing the now president of arguably the largest cryptocurrency payment card conducting a specific tutorial session on exactly how to seduce new recruits into the confirmed illegal pyramid scheme. – Very worrying indeed.

Within the video Julian Hosp lays claims that he has targeted over 1000 people to entice them into the scheme, demonstrating an alarmingly high level of expertise in the indoctrination process. Although his exact position within the organisation is unclear, with just 13 new members required to reach a level 3 rank, we can assume he likely held a high position.

The release of this video looks particularly bad for TenX asit questions the reputation and trust of the CEO and his position of power at TenX. A project that was incredibly popular through 2017 and to a lesser extent 2018, raising an almighty eighty million dollars at ICO stage.

Despite a recent positive swing, TenX’s PAY token has notably performed incredibly poorly over the last 6 months, even more so than many others in the top 100, falling  approximately 95% from its post ICO High.

But is this revelation just the icing on the cake for TenX?

Is TenX built on a web of lies, dishonesty and deceit?

Emerging from ICO in June 2017, over the last 18 months, despite a wave of promises we’ve seen TenX struggle with a number of problems bringing the card to market, most specifically the cards success has been balanced on a partnership with VISA which does not look like it will come into fruition anytime soon.

Outlandish claims in the whitepaper stated that TenX would surpass one billion dollars in transaction volume by the end of 2018. Which comically they have missed target by exactly 100%.

Despite this, Julian has laid claims that a payment card is coming at the beginning of 2019, even though Visa has specifically stated that they will not support cryptocurrency cards that permit real time conversions between crypto and fiat.

To top it off TenX also lied about a connection with Vitalik Buterin, stating incorrectly on their website that the Ethereum mastermind was an advisor and actively invested in the project. An outright lie that was later removed from the site all together.

Despite the trail of lies and deceit surrounding TenX and their CEO, the recent negative media coverage and emergence of these claims has failed to disrupt the recent performance of the PAY token, which impressively has risen 26% in the last 24 hours, contrary to the performance of the rest of the market.

The world of cryptocurrency never ceases to amaze!