TenX founder might be linked to a Pyramid Scheme

09 Dec, 2018 | Updated: 09 Dec, 2018
by Manon Bridou-Koenig
News
TenX founder might be linked to a Pyramid Scheme

Breaker Magazine is reporting that Julian Hosp, CEO of TenX a blockchain debit card startup, was previously involved in Lyoness, an Austrian discount-shopping service that has been found by several courts to be an illegal pyramid scheme

Read more on Chepicap : Larry Cermak, head analyst at The Block, calls out TenX as a scam

TenX raised over $80 million in its ICO last year, with the promess to “make cryptocurrencies spendable anytime anywhere” by connecting Bitcoin to the real world with a Visa debit card. But, no working product has been released yet.

Pyramid Scheme

A pyramid scheme is a form of investment (illegal in the UK and elsewhere) in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones.

A video, shows Julian Hosp presenting an online tutoring session used to enable viewers to recruit new participants in the pyramid scheme.

Among the advices mentioned by Julian Hosp in the video are exhortations for users to exploit relationships with friends and family because they “cannot evade” them, and to hide the real purpose for requesting meetings with them.

This video also includes tips for evading “annoying questions” about how Lyoness works.

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