TenX had a tough start to New Year's. The collapse in prices of its PAY token, a series of scandals and failures in promises made to investors have severely damaged the reputation of the project.
The inability to provide a credit card compatible with cryptocurrencies has triggered a strong wave of negative comments on social media and news sites. After the loss of the WaveCrest issuance license, the situation deteriorated and the first negative comments were triggered by some users who described the project as a scam.
The situation worsened after Breaker published an article revealing that Julian Hosp, Cofounder and perhaps the most visible member of the project were involved with Lyoness; a Ponzi scheme that was closed in several European countries after being considered illegal.
These scandals associated with naturally bearish behavior generated a sharp decline in PAY, which rose from values close to $ 0.5 to about 0.16 in a week.
After these events, and surprisingly, Julian Hosp turned to his followers via Twitter last week announcing his resignation. A YouTube video explained that the reasons for his departure were purely personal, without further explanation.
TenX says hello to Julian Hosp and good things start to happen
Although many have reacted with sadness, giving Julian words of encouragement and wishing him good luck, the truth is that his departure seems to have been a relief for investors, who have regained their trust in the project almost immediately.
On January 8, the resignation of Julian was made public and the bearish series of PAY is over. After the news spread, the token abandoned its behavior and switched to a period of stability for the next four days.
However, this was not enough, and after stability, PAY began a bullish series that has not ceased in the last five days, bringing the token to go from 0.17 to 0.31 according to data provided by Coinpricewatch.
After the departure of Hosp, the TenX team posted a tweet ensuring that the long-awaited cards are now available. This -if true- could be one of the most important announcements in the history of the project. It is important to note that a credit / debit card does not only depend on TenX. He needs a bank or fintech with a release license, so it's easy to understand some of the reasons behind most of the delays:
– TenX (@tenxwallet) 17 January 2019