Paxful CEO Ray Youssef Frees Up 88% Of Frozen Accounts Before Resigning

Key Points:

• Paxful CEO Ray Youssef announced the reopening of 88% of frozen accounts before he stepped down.
• Unlocked accounts need immediate access. Accounts that cannot be unlocked are in the authorities’ hands.
• Litigation disputes between two co-founders, Ray Youssef, and Artur Schaback, are still tense.

Ray Youssef, CEO of Bitcoin P2P marketplace Paxful, tweeted that 88% of frozen accounts have been reopened. “This is my final act as CEO,” Youssef said this was done without engineers or compliance officers and urged users to log in and claim their funds immediately.

Youssef explained that if your account is still frozen, he has no right to release the funds for that account because they are in the hands of US regulators. Yesterday, Paxful CEO released another 1 million on 88% of accounts 3% of total client funds remain frozen.

“I gave up my title as CEO to unfreeze these accounts and am also in danger of being in contempt of court. That is what I did besides alot of sleepless nights. Nothing more I can do but sleep well tonight. Integrity trumps risk.”

Youssef said.

Later, Paxful’s official Twitter released an announcement, saying that Ray has taken over as CEO of Paxful, “We thank Ray for his previous leadership and ensure that Paxful will continue to support those excluded from the world financial system,” meaning Paxful could continue to operate without Ray Youssef’s leadership.

Earlier this month, Ray Youssef announced the suspension of activity on the platform, saying the rest could be permanent. As for a reason for the closure, Youssef only said that it was due to the increasingly strict regulatory environment and the successive departures of core members but could not reveal more details about the exact reason behind the decision of this determination.

The Paxful wallet will remain active so customers can get their “fully credited” funds back. At the same time, Youssef also said his priority is to maintain the security of customer funds and provide non-US users with easy migration to other peer-to-peer wallets.

The closure of this old platform operating for eight years, has made the outside world sigh. But at the same time, another Paxful co-founder, Artur Schaback, revealed that Youssef unilaterally shut down the platform, and he was kicked out of the company.

Later, litigation disputes between the two co-founders also surfaced. Schaback and Youssef, who co-founded Paxful in 2015, sued for control and filed mutual charges of embezzlement of company funds, money laundering, and evasion of US sanctions against Russia, according to court documents in Delaware.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News