It seems that Julian Hosp, the president of TenX, has been implicated in a pyramid scheme. According to the Financial Telegram, there is a new video that shows Hosp asking users to recruit new participants in a pyramid scheme. The pyramid scheme is called Lyoness and it has been declared illegal in Norway, Austria and Switzerland.
TenX President Implicated in a Pyramid Scheme?
There is a video on the internet in which it appears that Hosp is presenting a tutoring session that allows users to recruit new participants for a new pyramid scheme. The video could be really damaging for TenX and for Mr. Hosp.
The video also shows Hosp promoting a dishonest scheme in order to obtain a larger profit. In this promotion video, there are some tips for evading annoying questions about Lyoness and how it works.
TenX was able to raise around $80 million during an Initial Coin Offering (ICO) the last year. In 2017, an important number of ICOs was released to the market and some of them were labelled as scams or fraudulent schemes. The TenX project features the native PAY token that allows users to have dividend payments generated from the use of the cards it created.
However, the platform’s promises have not been delivered and users are still waiting for them. There are some crypto experts such as Larry Cermak from The Block that believe that TenX is a company that never keeps the promises it makes.
On Twitter, he wrote:
“I think it’s time to revisit TenX today. PAY token is now 93% from its all time high. People that bought during the ICO are now down ~30%. TenX is a company that never keeps the promises that it makes.”
1/ I think it’s time to revisit TenX today. PAY token is now 93% from its all time high. People that bought during the ICO are now down ~30%. TenX is a company that never keeps the promises that it makes. pic.twitter.com/88Wm91WTMA
— Larry Cermak (@lawmaster) November 17, 2018
This has led to investors to ask whether the company is able to fulfil the promises it made. Additionally, this could also end up as an exit scam, like many others in the virtual currency market.
Hosp in the video mentions that it is not about telling 100% the truth. With the method that they have, he says that it is possible to earn incomes. Although regulatory agencies in the United States are not focused on multi-level marketing schemes, they are prosecuting different Initial Coin Offerings. A few projects have been accused of selling unregistered securities during 2017 and the beginning of 2018.
TenX (PAY) token is the 108th larges crypto with a market capitalization of $28 million and a price of $0.258 per coin.
