TenX (PAY) Hit by Evidence of Dumping after Julian Hosp Departure
PAY lost more of its value in the past weeks, with signs that co-founder Julian Hosp shed his holdings after announcing that he was leaving the project.
More troubles seem to be brewing for TenX (PAY) after social media users unveiled evidence of co-founder and former CEO Julian Hosp dumping tokens. While the TenX project was attempting an amicable resolution during its management reshuffle, Hosp may have harmed its reputation by dumping coins.
One Reddit user, gmgh, spread a link to a wallet address probably owned by Hosp. This wallet originated a series of transactions that ended up on Bittrex. Some of the selling occurred during the PAY rally ahead of the snapshot, when there was significant demand for the asset. Coins were also sold after January 1, causing more price slippage and a crash to the $0.20 range and below.
PAY sank again on Thursday as the crypto market suffered another crash that dragged Bitcoin (BTC) and altcoin prices lower. PAY slid to $0.17, losing more than 14% in the past 24 hours, and the asset was already on the downward track even before the latest general market shakedown.
The PAY dumping event was seen clearly from January 1 onward, when the snapshot was completed and owners could sell without losing their claim to the new TENX token. However, it turned out that a significant portion of the selling may have originated with Hosp. The total number of PAY sold is estimated at 2.2 million, or roughly $990,000 at the prices during the most active selling period. Given that the value crashed and some sales may have happened at around $0.30, the exact amount remains unknown.
The probable and deliberate dumping by Hosp, who received regular monthly compensation in PAY, further undermined the reputation of the TenX project. The latest events follow the news of failure to produce a crypto spending card and allegations that Hosp was involved with Austrian pyramid scheme Lyoness.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.