CEO of Crypto Wallet TenX Julian Hosp Steps Down

Julian Hosp, the CEO and co-founder of Singapore-based crypto wallet TenX, which gained prominence as the top-grossing ICO of 2017, will be stepping down, the company announced on Twitter on January 8, 2019.

Julian Hosp Stepping down from TenX Position

The president and co-founder of TenX, a blockchain debit card project, will be stepping down from his position at the company.

The company announced the news on Twitter on January 8, saying that Hosp’s departure from TenX won’t interfere with the company’s future plans.

“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,” Tenx wrote in a statement.

Dr. Julian Hosp.

(Source: CNBC)

Hosp also addressed the issue in a video posted on YouTube, where he wished the team the best for the future. “While we were planning 2019 and beyond, it became clear to us as Founders that the only way forward is to mutually part ways. And that means that I will be stepping down as the President of TenX. It was one of the hardest decisions of my life,” he said.

Hosp’s position will be taken over by Toby Hoenich, the co-founder of the company, who will be driving the business forward solely, the company said.

Serious Accusations against Hosp Resurface Amid Step-Down

TenX gained prominence back in 2017 when it became one of the largest ICOs ever recorded, raising almost $80 million. Hosp, a former trauma surgeon, co-founded the company with Hoenich and served as a public face for the company since its conception in 2015.

Hosp’s public persona allowed for some of the accusations brought against him to resurface in 2017 when it was revealed that he was involved with Lyoness, a multilevel marketing business. Lyoness had been recognized as a fraudulent scheme by courts both in Austria and Switzerland, Tech in Asia reported.

Following the revelation, the company battled with internal problems and increased criticism, while repeatedly failing to deliver their PAY crypto payment cards to users.

TenX has just published their financials. They have $70.5M in fiat and ~$34M in crypto. Their MONTHLY burn rate is $740k or $8.9M yearly. Keep in mind that they are burning that much without having any product for the past 8 months. They can still last for roughly 12 years… pic.twitter.com/3Bgi0BwILW

— Larry Cermak (@lawmaster) September 6, 2018

Hosp has also been accused of dumping millions of PAY coins just before he left his position at TenX. Authors at the Captainaltcoin blog have connected two Bittrex addresses they believe belong to Hosp with deposits amounting to over 2.2 million PAY.

Twitter users commenting on TenX’s statement echoed this, accused Hosp of conducting an “exit scam,” and called for an investigation.