It’s not something that will be familiar to crypto investors outside of Texas, but for those of you in Texas, Texit Coin is very visible. Crowdfunding, pumping, there are lots of ways to describe what the people behind Texit Coin are doing. But, most importantly, should you invest in Texit Coin? Is Texit Coin too good to be true?
Texas is renowned for its bitcoin mining industry. The Lone Star State has been a beacon of light when it comes to bitcoin mining. It should be no surprise then that someone is looking to benefit from this.
However, it’s been a long time since we have seen a large-scale ‘crowdfunding’ project from the crypto space. The last ones you may have heard of were Tezos and EOS in 2017, Ethereum started even earlier in 2014. Others used the ‘ICO’ path to raise funds. Others, including ATX DAO in Texas, tested the idea of selling NFTs that would support fundraising. Crowdfunding is not something that crypto companies seem to depend on anymore. Texit Coin uses a unique mining share model rather than a classic crowdfunding or ICO.
How Can You Get Hold of a Texit Coin?
Interestingly, unlike any other crypto today, it takes a payment and an online form to get hold of a “cold storage coin,” as the people behind Texit Coin call it. The process then moves to configuring and connecting your Coin so your wallet receives daily $TXC payouts.
What is $TXC? According to CoinGecko, where the token has some limited information listed, $TXC is the abbreviation used for trading Texit Coins. Currently these coins are worth $2.84, having grown from approximately $1 in May this year.
But, whilst a $TXC might be worth $2.84, that is not what the founders of the project want you to buy. Far from it. They offer three packages for investors. The single package has a one-time fee of $995, the triple-pay package costs $2985, and the Builder Plan comes in at $8955. Not the types of numbers we are used to seeing here at DisruptionBanking. Especially with a token that hasn’t been around for very long.
Who Are the People Behind Texit Coin?
For such an ambitious project, and relatively expensive entry requirements, one would expect a leadership team of the highest calibre. We investigated the people behind Texit Coin. We started by looking at Bobby Gray who is the ‘Founder’ of the project.
About one month ago Bobby’s story was posted on YouTube under a channel called ‘Jadren’. Almost 2,000 people have viewed the video so far which is called ‘Texitcoin Founder – Bobby Gray – Full Story’. The video is over 90 minutes in total, but we saved you some time. The summary of the video is below:
Who is Bobby Gray?
Bobby suggests that he was the founder of the American Open Currency Standard. And there is a ‘Rob Gray’ who gave a testimony before the Domestic Monetary Policy Subcommittee of the Financial Services Committee in 2012. To submit a testimony, according to the House Committee, you need to be an academic, private sector leader or a representative from organizations within the financial services industry. It is likely that Bobby, then calling himself Rob, did give testimony. But why he was called Rob and not Bobby may raise questions.
However, the video addresses many other points too. Bobby shares how his background lies in physical coins and their manufacturing. He explains how he was ‘late’ to the crypto boom, but that in 2017 he experienced crypto mania in South Korea, and it left a lasting impression on him.
After a few years in Singapore and Thailand, as Bobby explains, he has returned to Texas to issue a new coin. But, unlike his previous exploits, he decided to create a digital coin this time and join the crypto party.
He explained how Litecoin has given him much of his ideas about how to develop Texit Coin. He adds that this helped him to start mining Texit Coin back in January 2024. Those wanting big returns are in the right place, is mentioned several times.
Bobby also compared Texit Coin to a multi-level marketing programme. But how with most of these MLM type concepts only 1 percent of people get back their initial investment. He then extolls how Texit Coin gives 14 percent of people their initial investment back. The timelines are hard to analyze, but this statement raises more questions than it should, especially as Bobby makes returns sound guaranteed in every presentation we have seen online so far.
Finally Bobby shares how he believes Texit Coin will reach $16 by January 2026. How it may eventually reach $1,000. Why these numbers? Because these returns are larger than those being touted when it comes to Bitcoin, ETH, Solana, or other leading cryptocurrencies, or at least that’s what we assume. None of the tokenomics, discussed later, give credence to his arguments though.
What About the Rest of the Team?
We delved deeper into the team behind Texit Coin. The first person we looked into was Application Architect Bohdan Shlikhutka. There is very little about Bohdan online, and his LinkedIn profile shows he lives in Ukraine, but there is no mention of Texit Coin on his profile. He does, however, work for Rearden Metals Pte Ltd in Singapore.
According to LinkedIn there is a Rob Gray (not Bobby) who has been Managing Director of Rearden since December 2017. But his profile is inactive, and he has less than thirty contacts. Strange when you are trying to engage investors from any walk of life, LinkedIn surely could be helpful here.
Kira Gray, listed as involved in Events on Texit Coin, is on LinkedIn. Just like Rob, her profile is inactive, and she has been working for Patriot Coins for some time.
Eddie Allen, listed as Currency Director, is also on LinkedIn. His profile mentions Blockchain Mint, which Bohdan’s mentions too, but there is nothing linking him to Texit Coin. However, Eddie’s online profile seems to be the most compelling and he actually appears to have a following. Again, why he hasn’t listed Texit Coin as his current employer is unusual. Especially as he has promoted Texit Coin in one of his posts recently.
Vitallii Ovodenko, listed as Network Security at Texit Coin, has no public profile and we could not find any records of anyone of this name anywhere. Using Google’s search image function, our team found that Vitallii’s photo may not be real. See image below:
Matt Bauer, Head of Trading, we couldn’t find online.
McKaylin Coffman, Miner Services, is active on Facebook where her profile mentions Texit Coin, as well as on Instagram where she has over 2,700 followers.
Wit Olszewski, Art Director, has a large following on Instagram. There is no mention of Texit Coin there, we reached out to him to clarify, he hasn’t responded to our request.
Jason Burch is the self-proclaimed TEXITcoin Ranger, and one of the projects biggest advocates on YouTube. Jason runs a YouTube channel with over 24k followers that used to promote aquariums for fish enthusiasts in the past. Today he addresses accusations made against Texit Coin as well as being a strong and vocal evangelist of the product. Jason is not listed on the Texit Coin site though.
Good Leadership Teams are something you need to investigate. We hope the above information helps you see the picture better. Most companies that have nationwide advertising campaigns have a much better presence on LinkedIn, or at least a convincing management team. Why doesn’t Bobby address this?
What Do They Say on Social Media?
Some posts on X have called Texit Coin a “clone of Litecoin” with no unique value. Enthusiasts on X see Texit Coin as a bold, community-driven project with strong Texas identity. Skeptics warn of scam indicators like lack of regulation, thin trading volume, and reliance on founder Bobby Gray’s credibility, not to mention luxury giveaways…
Texit coin recently held a competition to giveaway a Lamborghini. Much of the promotional activities have taken place on YouTube so far. Where some critics have also added their thoughts about Texit Coin. One of those critics is Carlos Aponte Jr. whose video about Texit Coin has had 2k views.
Social Media Accusations That Texit Coin May be a Scam
Carlos mentions several very important points in his three-minute video. One of his biggest warnings about the Texit Coin project is the liquidity of the token. He explains how CoinMarketCap lists this as Vol/Mkt Cap (24h). In the case of Bitcoin the number is 3.27%, with Litecoin this number is 7.43%.
CoinMarketCap adds a smart reference against the number where it states how the Vol/Mkt Cap is an “indicator of liquidity. The higher the ratio, the more liquid the cryptocurrency is, which should make it easier for it to be bought / sold on an exchange close to its value. Cryptocurrencies with a low ratio are less liquid and most likely present less stable markets.”
What is Texit Coin’s Vol/Mkt Cap? Today it is 0.0677%, which suggests it is very hard to buy or sell the token.
Another thing that Carols mentions is how the volume of Texit Coin is only $100,000. This means that this is the total amount of coins bought and sold since it was first issued. It is likely that nobody outside of the people involved in Texit Coins are buying the token, which will make it very hard for TXC miners to sell their crypto outside of their own network. Yes, Texit Coin itself can buy up the tokens. But this can’t happen forever. In fact, Bobby has mentioned how he is holding bitcoin, ETH, and others to help prop up the Texit Coin token. He is not actively acquiring TXC. This is a slightly unusual approach to tokenomics. Can Bobby’s reserves indefinitely support the token price?
As for Reddit… The responses are mixed. Most users are sceptical though and point out how Texas and Texans may not be the ones who will benefit from Texit Coin.
What Does Texit Coin Say?
Arian was the person who was allocated to us in a chat this week. McKaylin was another person that was made available to chat to us. It was Labor Day in the U.S. when we wrote to the Texit Coin team, but they were responsive through the Texit Coin site. Arian even managed to answer some of our questions. However, some questions remain unanswered, and we await a response to our written request for more information sent to the help email address of Texit Coin.
We asked Arian (who asked us which publication we represent) some questions about when TXC tokens would be listed on exchanges available to U.S. users. This was the response:
“Sorry, we don’t yet have the timeframe, and it boils down to our founder and leader, Bobby Gray, and the management. But we are on Dex-Trade.”
When we asked what would happen should recognized U.S. exchanges choose not to list TXC, this was the answer we received:
“Mitigation if SEC or U.S. exchanges resist – TXC is pursuing global listings outside the U.S. in friendly jurisdictions. – Mining rewards are distributed in a way that is independent of exchange price. – Development of ecosystem tools (wallets, apps, commerce integrations) gives TXC a functional economy even without an immediate U.S. exchange listing.”
If the aim is to grow into a Top 10 crypto, then Texit Coin’s ‘functional economy’ will most certainly be insufficient. It definitely needs a higher level of liquidity, and some shops and merchants who may want to support the token. All of which is lacking whilst the token is not listed on a U.S. recognized exchange.
We reached out to the team at Texit Coin and specifically asked what would happen should the token not be approved by the SEC or listed on a leading exchange for U.S. investors. Texit Coin has not responded to our request for comment.
One thing is clear. If you are truly tempted by Texit Coin, do yourself a favour and try to buy, then sell, then repeat the process a few times on a $2.84 token first. If it is a struggle, then you’ll know if you should part with $995 or not… We certainly won’t be.
Author: Andy Samu
#TexitCoin #Texas #TXC #Tokenomics #Mining
The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organizations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.
See Also:
Making Austin a Crypto Hub with ATX DAO | Disruption Banking
Why the Matt Doman Crypto Promoting is Over | Disruption Banking
4 Responses
There are many concerns with Texitcoin. Glad to see the question of the SEC status but the questions are focused on Texitcoin, not the Texitcoin mining shares that the company is selling which are unregistered securities. They admit they are “crowdfunding a mine” for which crowd funding and investor fund raising is tightly regulated. Additionally the company is paying out thousands of dollars to investors without having their SSNs to issue tax forms. There are too many concerns. https://coinmls.medium.com/texit-coin-deep-dive-likely-scam-0e81d7e82ec3
Thank you for the information. I got into Bitcoin in 2016 for a $1K per coin and purchased 4 coins, I then lent those 4 coins to a trader who paid me 2% daily, which increased my wallet to 8 coins. I don’t exactly remember what happend but the exchanged shut down. I had my 8 BTC those. I have since lost 7 of those coins in chasing one after another of start ups and crypto investments. So, I have hung on to my 1 BTC since 2021.
Now my brother is involved with TexitCoin, and has been laying in on thick as far as the “this is our chance to get in on a “Bitcoin” type crypto at the ground floor”. But my biggest question has been, I don’t see a “product”! And you answered my concern with the trading or buying and selling issue of TexitCoin. Yes, I can’t argue that those who are jumping in the deep end (the $9955 level of investment) and then referring others in; are gettting big commission checks. But I could deduct easily that this was just allocating the income out at MLM levels. Without being able to see an actual finished product, the company is going to run out funds to carry on the payouts. And who cares that the mines will be mining a coin that has no perceived value.
At any rate, you cleared the muddy waters for me. I just hope my brother had gained his investments back and hasn’t burned all of his friends and references.
How much do you earn in Texit coin in a package of 995$? i.e per day. Just curious, how safe is it?
The point is for you to try and buy it and sell it yourself, not for someone to explain how much they earned.