Crypto Startup TenX Answers to The Outrage After Abrupt Departure Of CEO


Earlier this week, crypto debit card company president and co-founder Julian Hosp stepped down from his company in an abrupt manner announcing the news on YouTube.

Following the announcement the company released a statement saying:

“We have received a tremendous amount of shareholder value and support from you all under Julian’s leadership and want to thank him for paving the way towards further success for TenX in the years to come.”

They have struggled to keep functioning since Visa announced that it was suspending its card issuer WaveCrest, back in January 2018. And indeed, since that moment, the company is not able to release the cards that they were developing. The payment card, according to the platform, had seen delays due to WaveCrest’s VISA service cancellation. The cards were being issued through WaveCrest. Dr. Julian had already announced in September that a new provider was selected and the new cards would be sent out to users shortly.

We have to remember that just a few months ago, Hosp was linked to an alleged pyramid scheme company known as Lyoness. His affiliation with Lyoness was confirmed by the official TenX account on Reddit. Apparently, he was a member of the company between 2011 until 2015.

When there was a community outrage over these events, they responded. The other co-founder, Toby Hoenisch said the community to be optimistic. He said:

“We are unable to provide any comments on the transfer and alleged trading of PAY tokens potentially undertaken by current and former employees of TenX. We note that the transfers and alleged trading took place on dates after the Announcement Date, and such alleged trades, would have been made on publicly available information.”

They even went on to blame Hoenisch for their problems. However, one Redditor responded by saying:

“They are missing or deflecting from the point that the evidence provided is concerned about an ex-employee allegedly dumping 2.2M tokens on the open secondary markets. There is only one question everyone wants [to b]e answered: Did Julian Hosp sell 2.2M tokens on Bittrex?”

The story is still in development and BitcoinExchangeGuide will keep bringing you the stories as they develop.

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