Speculation Around TenX Co-founder’s Alleged Dumping of 2.2 Million PAY Tokens

A few hours ago, speculation was published suggesting that TenX co-founder Julian Hosp dumped over 2.2 million PAY tokens in the last two weeks. We’ve analyzed the information and based the story on the facts we know.

Hosp leaves TenX

Today, TenX announced that Hosp is leaving the company:

http://twitter.com/tenxwallet/status/1082864468164513793

Hosp also posted a video on his YouTube channel today announcing that he has left TenX. While he stated that the decision was mutual, neither he nor TenX provided the reasons behind him quitting the company’s executive team.

The alleged addresses

The primary evidence is based on a signed address, which, according to its signature message belongs to Hosp:

I am Julian from TenX, and I verify that this is my ETH address. Btw.: TenX to the moon 🙂 14 Jun 2017 1:11 AM.

However, the last transaction conducted from that address was made over 383 days ago. It seems likely that the TenX co-founder was not using that address, but another.

By checking the second address’s transactions, one can see that Hosp was allegedly receiving 6,250 PAY tokens every month from TenX. When he was confronted about those transactions, Hosp did not deny it.

The main reason one can assume that the second address belongs to Hosp as well is that it shows monthly transactions of 6,250 PAY tokens. Also, a transaction was found between the two addresses.

It all goes to Bittrex

In the last 15 days, over 2.22 million PAY tokens were sent to this Bittrex deposit address from the two addresses and other addresses. According to the publication all of the addresses making these deposits to Bittrex belong to Hosp.

Approximately 1.5 million PAY tokens were deposited five days prior to the TenX snapshot, while the others were sent into the deposit address after the snapshot.

According to CoinMarketCap, the PAY token’s value has taken a massive hit. After December 30, 2018; the price of the coin decreased from $0.41 to $0.26 in just a day and continued its downward slide to $0.20 (as of January 9, 2019).

It appears that that the first batch of tokens was Hosp’s “own” tokens that he bought, while the second batch sold after the snapshot was the co-founder’s salary or benefits.

As for now, we didn’t get any official comment from TenX team.