After Raising $80Million TenX Founder Linked to Pyramid Scheme

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TenX president Julian Hosp has been implicated in connection with an Austrian discount shopping service called Lyoness.

Lyoness has been declared an illegal pyramid scheme in Norway, Austria, and Switzerland. A video has emerged that appears to show Hosp presenting an online tutoring session before becoming the face of Tenx.

The emergence of the video  points to a damning lack of integrity and a willingness to promote a dishonest project by the TenX  President in pursuit of Profit. In the video, Hosp is heard advising potential clients to exploit relationships with friends and family because they “cannot evade” them, and to hide the real reason for requesting meetings with them.

Reputational Damage to TenX

TenX raised over $80 million in its ICO last year on promises to “make cryptocurrencies spendable anywhere  anytime” by connecting bitcoin to the real world with a Visa debit card and banking license. According to the TenX whitepaper, the platform native PAY token would qualify holders to dividend payments generated from the use of its cards – a promise which has since been dropped. The bitcoin-linked debit cards is yet to be produced one year Later.

With that said ,some early Investors have concluded that the company is in fact yet another iteration of an ICO exit scam.

Check out the Video:

The video is unlikely to bother Hosp too much because multi-level marketing schemes are not a regulatory priority in the U.S. What will bother him a whole lot more however is the SEC’s current affinity for prosecuting ICOs that sold unregistered securities during the height of the ICO boom last year, one of whom is TenX.

Author: Cryptobonx

Cryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

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