Controversial TenX Responds to Outrage, Crypto Community Not Happy

A crypto startup that raised close to $80 million in a 2017’s ICO funding has come in the midst of a controversy.Singapore-based crypto-wallet TenX is facing accusations of insider trading after its co-founder and now-former CEO Julian Hosp allegedly dumped $2.2 million worth of PAY tokens. An internal management scuffle reportedly led to Hosp resigning from all his positions in TenX. In what could have been an emotional response, Hosp allegedly exchanged all his PAY tokens for other assets and sent the entire balance to his Bittrex deposit address.Effect of Hosp’s ActionsHis actions brought a strong selling sentiment to the PAY/USD rate. The pair was already bearish due to a market-wide crypto crash. It didn’t correct even at a time when rest of the crypto space was rebounding from its lows. The PAY/USD rate dropped 46.5% in the last 15 days, and 20% over the previous seven days.Source: CoinGeckoThe TenX…

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