TenX, a cryptocurrency debit card company that raised $80 million in an ICO in 2017, announced that its co-founder Julian Hosp has stepped down as president. The statement said that the current CEO of TenX Toby Hoenisch “will be driving the business forward solely.” TenX has struggled since Visa suspended its card issuer, WaveCrest, in January 2018. Now a year later, TenX still says on its website that the debit card is “coming soon” despite several promises that it would be ready as soon as in Q1 2018.
The departure of Hosp comes a month after a video appeared to link Hosp to Lyoness, a company that was deemed an illegal pyramid scheme by several courts. Hosp’s previous affiliation with Lyoness was confirmed by the official TenX account on Reddit, which said that Hosp was involved “as a “member” of Lyoness from late 2011 to mid-2015” and that “Julian’s past affiliations with Lyoness bear no relevance to TenX.”