Once again, the shimmering dream of easy cashback rewards lies in ruins. The infamously controversial Austrian holding company, myWorld International AG—the latest incarnation behind a global web of loyalty and “benefit” platforms—has filed for bankruptcy in Graz, sending shockwaves through thousands of retail partners, small investors, and, of course, an army of loyal recruiters.
Austrian doctor and blockchain entrepreneur Julian Hosp is currently facing new challenges with his latest venture, Cake Group. Hosp, who has gained notoriety in the blockchain industry, especially after his involvement in the now-defunct TenX, is again in the spotlight for alleged financial mismanagement. TenX, which raised $80 million in an Initial Coin Offering (ICO) during the 2017 cryptocurrency boom, was regarded as an exit scam by the industry.
The self-proclaimed crypto guru Julian Hosp is infamous in the global crypto scene. The former manager at MLM scheme Lyoness before joining the collapsed crypto startup TenX in 2016 or 2017. TenX pulled off an $80 million ICO in 2017, but what happened to the money is unknown. Hosp parted ways with the rest of TenX's founders in a dispute in 2019 and founded Cake DeFi and DeFiChain, which are under fire and regulatory scrutiny. Germany's BaFin announced an investigation in January 2022. We advise investors to be extremely cautious of Julian Hosp and his unauthorized crypto schemes.
The crypto platform Cake Defi (www.cakedefi.com), founded in June 2019, is backed by well-known Austrian entrepreneur, blockchain expert, and former MLM artist Julian Hosp. Cake Defi provides access to a wide range of decentralized financial services, or short "DeFi," enabling customers to generate returns from their crypto and digital assets. However, BaFin has determined that the company may be conducting unauthorized banking business or financial services in Germany.
Until 2014, Julian HOSP was a top leader of the Ponzi scheme LYONESS with 25,000 members in his downline. He developed the Ponzi scheme in Asia. Amid the 2016 crypto hype Hosp joined the ICO of the crypto venture TenX and they raised some $80 million in their ICO.