TenX (PAY) Price Drops After New TENX Token Snapshot

[Ozark]

TenX (PAY) finished the planned snapshot for the new TENX token that will be used along with PAY. However, the snapshot and the subsequent unlocking of tokens triggered selling. TenX advised users to withdraw their PAY tokens to their own wallets, as exchanges did not cooperate with the snapshot.

The most immediate development is a series of scams that attempt to steal tokens or private keys:

"The snapshot for the #TenX token issuance has been and gone, please beware of fake accounts attempting to take advantage! pic.twitter.com/jjkpMhCMXx

— TenX (@tenxwallet) December 31, 2018, https://twitter.com/tenxwallet/status/1079621270990454784

After the snapshot was completed, the tokens could be sent back to exchanges, thus lining up PAY among the biggest losers on December 31. PAY is down more than 35% in the past 24 hours, down to $0.25, with the potential for continued losses. PAY was supposed to be used in a system of rewards or referrals, but this potentially meant the token could be seen as unregistered security.

Instead, the TENX token will be a vehicle to distribute gains, and PAY will still be used as a unit for rewards in the TenX ecosystem.

“The TenX token is an ERC-20 rewards token on Ethereum with features of ERC-1462. Depending on factors such as TenX Pte Ltd’s earnings, financial position, cash flow, capital needs and general business condition, rewards on the TenX token may be paid in the form of a tradeable cryptocurrency (i.e. PAY),” explained the TenX team in a blog post.

However, the new tokens will not be available for a while, and one of the hurdles may be another screening, with complete know-your-customer (KYC) user verification.

The new TENX token does not yet exist on the Ethereum blockchain, and will be issued in the first quarter of 2019.

The TenX project finally decided to move away from issuing a crypto-fueled, tokenized debit card after its card provider, WaveCrest, ceased activity in February. TenX has not found a new card provider.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

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