Much maligned payment processing/debit card issuer TenX went public in light of recent departure of Julian Hosp, project’s former CEO and most popular promoter. The team gathered several most frequently asked questions to which they gave short responses. The questions were as follows:
- Can you shed more light on the circumstances regarding Julian’s departure?
- There is speculation about Julian and insider trading, can you comment?
- What’s the status of the financial license?
- Will Julian’s departure affect current roadmap?
- How many cards were sent to users?
- What is the status of the cards?
- When can we expect further information on the TenX Token KYC process, timing on TenX Token distribution, rewards system and potential PAY utility?
The project confirms that Hosp’s departure was mutually arranged, as both parties felt this was the best outcome for everyone involved. They also gave rather vague answers on the issues regarding the financial license, status of the cards and the TenX Token KYC process, just confirming that these matters are going “according to plan”. The biggest attention was given to the question regarding insider trading done by Julian Hosp, who allegedly dumped 2.2 million PAY tokens to Bittrex in days after TenX performed their December 30th token snapshot.
TenX explained they haven’t received any notification from Hosp or any other board member that any PAY tokens will be traded around December 11th (date when the snapshot was announced), which is apparently the company’s policy for employee crypto trading. The response didn’t satisfy Redditor gmgh- (the person who first brought the information about Hosp dumping his tokens on Bittrex to light) as he felt TenX attempted to misdirect the community from the real issue at hand:
“TenX thinks people are concerned if there were any insider trading activity regarding the TenX Token announcement on the 11th. Nobody is even thinking or talking about this. They are (mis)directing you to a non-issue. Rather, 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.”
As things stand, the questions whether or not Hosp actually dumped 2.2 million PAY tokens on the market prior to his departure from TenX and whether his departure announcement was intentionally delayed so he can sell the tokens at a higher price remain unanswered.