In the backdrop of Dr. Julian Hosp’s history, accused of dumping 2.2million PAY tokens and involved with the Australian pyramid scheme Lyoness, CT is warning from investing in DefiChain or any of his projects.
Dr. Julian Hosp, the founder and president of TenX (PAY) is now seeking to raise $7.5 million from institutional and accredited investors for his new product Defi Blockchain, as per his tweet on Nov. 14.
Decentralized Finance (DeFi) is a traditional financial tool built on a blockchain. Currently, dominated by Ethereum blockchain, DeFi has been making waves following the surge in products and platforms that offer DeFi services such as MakerDao.
With DefiChain, Hosp is reportedly planning to bring “DeFi to Bitcoin.”
Leaving TenX & Suspected of Dumping 2.2M PAY Tokens
But Crypto Twitter is not happy with Hosp’s plan to raise funds for another project after being suspected of dumping of 2.2M PAY tokens.
A Redditor accused Hosp of the same that started with Hosp announcing his departure from TenX. Hosp responded to the speculation of dumping PAY tokens stating that the amount was sold to offset his income tax contributions.
The project, one of the largest ICOs ever that raised more than $80 million, that was developing a crypto-linked Visa debit card and mobile wallet.
TenX token holders regularly complained on Reddit and other online forums that they have yet to receive the debit card they were promised with the delivery dates being put back constantly.
In a video following his departure, Hosp didn’t share any exact reasons for stepping down just that “the only way forward is to mutually part ways.”
Launched in July 2017, the token PAY jumped to its all-time high at $6.21 next month during the bull run in August. Since then, it has lost 98.8% of its value and is currently sitting at $0.079, hitting a fresh low last month at $0.065.
Part of a Pyramid Scheme
Hosp was accused of nefarious things before even creating TenX. A video surfaced online, now no longer available due to copyright claim by Julian Hosp, he was involved with the Australian pyramid scheme Lyoness.
TenX responded to that controversy by issuing a statement explaining Hosp was a “writer, public speaker and motivational coach” and involved with many projects before joining TenX and had severed its ties with Lyoness in 2015.
Now, Hosp is coming with a new project which is planning to release the code and strike partnerships in December as per its whitepaper.
Given Hosp’s history and the details of the current project has the crypto community vehemently warning from investing in DefiChain or any of his projects.