Video Establishes TenX President’s Connection to Pyramid Scheming

Dec 10, 2018 at 20:30

Julian Hosp, president of crypto startup TenX, is being linked to Lyoness, a discount shopping service from Austria that has been declared to be an illegal pyramid scheme in Norway, Austria, and Switzerland.

In a video uploaded to YouTube by anonymous sources, it showed clips of what could be interpreted as how Hosp teaches viewers with several ways to recruit new participants in the pyramid scheme, long before he became an official of TenX.

“Never forget, it is not about telling the exact 100 percent 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 official allegedly noted in the said video.

Notably, the video is expected to affect TenX as it sheds light to Hosp’s antics in pursuing profits as he also specified to viewers that the exploitation of relationships with friends and family is an effective tool since they cannot outright decline when offered to be involved in Lyoness.

He also stated that such tactic is proven effective as one can easily hide the real reasons for requesting meetings with friends and family members aside from practical tips to evade questions that details the mechanisms in Lyoness.

After the video was posted, several other whistleblowers claimed that there were already efforts before to reveal Hosp’s dark side but previous actions are being censored as Twitter accounts discussing his involvement in Lyoness were quickly suspended. Another claim meanwhile alleged that a message board created to pool complaints about Lyoness had been hijacked by the company to redirect visitors to its website instead.

It can be recalled that last year, TenX managed to collect as much as $80 million in its initial coin offering with its promise to create cryptocurrencies that are spendable anytime and anywhere by connecting Bitcoin with a Visa debit card and a banking license.

The company’s whitepaper also mentioned that its native PAY token would grant holders with dividend payments generated from use of its cards. However, since last year, the promise has yet to be delivered.

As of this writing, PAY tokens are valued at $0.2596 a piece, up by 6.72 percent, with a market cap of $28.4 million.