Saturday, July 20, 2019

TenX Founder Connected to a Ponzi Scheme

Julian Hosp, the founder and president of TenX; the ICO that raised over $80 million in funds, has been found linked with Lyoness, an Austrian shopping service that has been branded a Ponzi scheme. Lyoness was termed illegal and a Ponzi scheme in three different countries namely Norway, Austria, and Switzerland.

Julian Hosp Exposed?

Rumours have been flying around for quite a while that Julian was previously linked to the Ponzi scheme before launching TenX. The stories, however, got confirmed when a video surfaced showing the TenX president having a presentation on how to allow the audience recruit new members into the malicious Ponzi scheme. Reports of this news were made by Breaker.

The discovery of this video, in case it turns out to be accurate, has the potential to damage the reputation of the newly found Tenx. If investors can’t trust the CEO, how can they believe in the project? The video basically portrays dishonesty from the CEO all in the bid to make revenue. In the video, Hosp was seen encouraging viewers to convince their families and friends for them to join the pyramid scheme and also included tips for the audience to bypass exasperating questions posed by potential members about the workings of Lyoness.

Eyebrows Raised on TenX’s Non-Achievements

During TenX’s token sale last year, about $80 million was raised. The vision of the company behind TenX was to allow cryptos to be spent anywhere. Their mission was to connect bitcoin to the rest of the world with a Visa debit card and banking license. In the TenX whitepaper, a claim that TenX holders would be entitled to receive dividends from profits generated from the use of its cards was made. Since last year, the company has not achieved the primary target in their roadmap, and no Visa debit cards have been created, yet.

Related Article:  FBI Wants Bitconnect Investors' to Help Investigate $2.5 Billion Crypto Scam

A lot of demands are being made as to the authenticity of the claims made by TenX and if the company could deliver on its promise. Some have, however, concluded that TenX is just another ICO exit scam. It was reported that the TenX president had censored material connecting him to Lyoness before TenX’s ICO. Accounts on Twitter that posted about Hosp being involved in the Lyoness Ponzi scheme were suspended from the website, and the company has appropriated a message board created to render grumbles about Lyoness. Some of the tips mentioned by Hosp goes thus:

“Never forget, it is not about telling the exact 100% truth…if you follow this [method], you can earn incomes in an extent that it’s not imaginable to you at this moment…you will never run out of contacts if you follow some guidelines.”

The U.S. doesn’t have regulations on Ponzi schemes, and the discovery of this video might not trouble Hosp. The real trouble might come from the SEC, which has been serving subpoenas to and prosecuting ICOs that made sales of unregistered securities last year, during the period last year when ICOs boomed in terms of fundraising. TenX is classified as an ICO that sold unregistered securities too.

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