Paxful Bitcoin Exchange Is Back In Action After Over 1 Month Of Closure

Key Points:

• The Paxful Bitcoin exchange has reopened after more than a month of closure.
• In early April, Paxful announced a temporary shutdown when two founders, Artur Schaback and Ray Youssef, went to court to gain control of the company.

Peer-to-peer (P2P) bitcoin exchange Paxful is back up and running after being down for more than a month, the company said in an official blog post.

“After a month away, we’re happy to announce that the Paxful marketplace is back online.”

As mentioned in previous Coincu News articles, the largest P2P exchange, Paxful, suddenly closed due to a battle for control of the company by the two co-founders when they accused each other of the case.

Many former employees have corroborated reports that their relationship had been troubled for a while and that the business had suffered a severe decline in management professionalism.

According to Schaback, Paxful is currently owned by a supervisor who is also a director of Paxful. In the lawsuit, Schabeck said a large amount of the company’s bitcoin was transferred to an entity other than a legitimate software company in Turkey called “EMiR.”

A formerly operated company by Paxful called Dekslektika, based in St. Petersburg, Russia, is a purported subcontractor allegedly receiving funds from EMiR. According to court documents, these organizations are accused of being responsible for “significant non-traditional transactions” that began shortly after Schaback’s access to the company’s operations was restricted.

Youssef, who was charged, stated that the accusations related to Schaback’s refusal to pay a Turkish engineering business that was hired by this company, which caused the whole team of 80 engineers to cease working. Youssef said that keeping Schaback at the company was impossible since his team was about to quit.

During the suspension, the Paxful wallet remains completely open to users, and users can also choose from several peer-to-peer platforms to continue trading.

Due to the litigation brought by co-founder Artur Schaback, who is suing Youssef and the business for, among other things, wrongful termination, CEO Ray Youssef voiced worry over the security of customer assets.

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