TenX promised to bring the world crypto debit cards, where users could deposit cryptocurrency and then use the card to go shopping at basically any store in the world. This would have massively increased global cryptocurrency adoption, and people got excited about TenX, so much so that USD 80 million was invested during an ICO. However, it was too good to be true. TenX never released their crypto debit cards, instead they are collecting personal information from people who want the cards, but not delivering any product. Now its been discovered that the President of TenX, Julian Hosp, was involved in the Lyoness pyramid scheme from 2011 through 2016. Lyoness is a classic pyramid scheme which steals the money of everyone involved and pays very little in return, and it has been banned in multiple countries. Now it is time to face reality: TenX (PAY) is a fraudulent shitcoin run by a scammer.
GenesisBlockNews believes that thousands of cryptocurrencies were launched by formerly small-time scammers during the 2017-2018 ICO craze, turning these small-time scammers into big money fraudsters. The crypto space made it too easy for anyone to launch an ICO, even if they were just a scammer with no capabilities of producing any real product or service.
Months ago I got excited about TenX after reading about it, and tried to sign up to get my crypto debit card, which would have been a major help to me. TenX collected all of my personal information, including a picture of my license, even though they had no intention of delivering crypto cards to anyone. They have probably done this to thousands or millions of people.
What we have here is a criminal who stole USD 80 million during an ICO, and is using the platform to steal personal information from as many crypto users as possible. How greedy can people get? Apparently there is no limit to greed for truly wicked people. TenX has crossed my shitline, and GenesisBlockNews will forever label it as a scammy shitcoin. Although TenX has lost at least USD 52 million of its investors money based on the market data, if not all of it in reality, TenX (PAY) still has a USD 28 million market cap, which will undoubtedly decrease to zero once people realize a scammer launched this whole operation. The truly sick part is this scammy shitcoin reached a market cap of USD 500 million during the big crypto rally of late 2017 and early 2018, pretty much proving how collectively naiive the crypto space got during the rally.
At GenesisBlockNews we are not afraid to label shitcoins for what they really are, and we are dedicated to aggressively exposing every shitcoin, scam, and scammer. The crypto space needs an exorcism, and we are happy to provide that.