In a series of weekly Miner’s Updates, Bobby Gray, the founder of TEXITcoin, has been openly addressing the turmoil and financial mismanagement plaguing his centralized secessionist cryptocurrency project. However, recent revelations suggest the reality is far more grim than Gray conveys, even as he attempts to maintain a positive front. Disruption Banking has scrutinized Gray’s statements since last September, exposing inconsistencies and questionable practices within his operation.
Gray’s situation has become increasingly precarious following a significant drop in the value of TEXITcoin’s flagship token, TXC. While he compares its declining price to Bitcoin’s volatility, the distinction remains that Bitcoin is decentralized, whereas TEXITcoin’s fate is intimately tied to Gray’s personal leadership and decisions.
TEXITcoin was initially marketed to novice investors at gun shows, and as the bear market loomed, many sought to exit the project, disillusioned by Gray’s earlier claims of a “rocketship to $16.” In response to growing dissatisfaction, Gray has sought to quash internal dissent, admitted to manipulating compensation structures, and revealed a security breach involving an insider hack that had previously gone unacknowledged.
During the latest Marathon Call on January 10, 2026, Gray attempted to adopt an upbeat tone while sharing the unfortunate fallout from the project. He confirmed the occurrence of a second hack and disclosed that an insider had created a backdoor, resulting in a loss of $210,000. Maintaining his focus on marketing efforts, he urged investors to remain engaged, introducing plans for swag giveaways and highlighting the ongoing relaunch of the project’s website, which remains unfinished.
Previously touted as a cornerstone of the operation, the mining program has failed to meet expectations. Gray admitted, “We want our mining program to stand on its own two feet and be profitable all by itself, and right now it isn’t.” This statement starkly contrasts his earlier promises of a six-month return on investment.
As pressure mounts, Gray has also begun using loyalty tactics to retain key investors or “whales.” His strategy involves portraying HODLing not merely as a strategy but as a loyalty test, thus preventing mass sell-offs that could further depreciate the token’s value. With assurances that the value of TXC will stabilize, Gray emphasized the necessity for ongoing market engagement among active participants.
Additionally, Gray discussed keeping the token price propped up through controlled liquidity measures and off-market transactions to prevent price crashes. His methodology appears to rely on a blend of anecdotal assurance and a manual system designed to regulate the activities of larger holders of the token.
Despite claiming control over the project, Gray’s communications raise serious doubts about TEXITcoin’s operational efficacy. Disruption Banking has previously reported that he has expended substantial amounts on artificial price stabilization efforts, all while imposing stricter rules on compensation plans to mitigate losses from inactive participants.
In attempting to distance his project from MLM comparisons, Gray’s explanations instead underscore the ongoing struggles to recruit new investors essential for financial sustainability. Industry experts have pointed out that inadequate marketing resources and a dwindling investment base could hinder future growth, reflecting a precarious cycle of dependency on dwindling interest.
Recently, Gray has communicated plans for a new venture named Downtown Digital Dollars, intended as a stablecoin. Critics contend that he lacks the necessary infrastructure to comply with legal standards, raising concerns over its viability. Analysts point to the slim profit margins and regulatory challenges as significant obstacles that are likely to stifle the project.
Moreover, Gray refers to TEXITcoin as a “permissioned blockchain” to rebut claims of centralization, a distinction deemed misleading by some analysts. The consensus is that TEXITcoin’s governance structure remains centralized and lacks the shared oversight expected in decentralized systems, ultimately undermining its promise.
As ongoing internal conflicts undermine investor confidence, the probability of TEXITcoin’s revitalization appears increasingly dim. However, Gray’s assertion that “Week 93 is the week that we turn this thing all around” signals his determination to rally his remaining supporters, despite the disconcerting trajectory of the project.
