On April 16, Paxful CEO Ray Youssef announced that 88% of user accounts on the P2P cryptocurrency trading platform have been unfrozen.
It is done! 88% of all frozen accounts have been UNfrozen. 10 days, 3 scripts and sleepless nights with no engineers or compliance folks but we did it! This is my final act as CEO of @paxful Go login now and claim your funds! Self custody for the win 🏆 post here if u got it! pic.twitter.com/o6nNDZcnqX
— Ray Youssef (@raypaxful) April 16, 2023
“If your account is still blocked, then I am very sorry, but I do not have the right to unfreeze these funds and they are in the hands of the US regulators. I do not and never have had access to client funds,” Youssef wrote.
According to him, the rest “is at the custodian.” This is about 3% of the total amount of client assets.
full transparency. This is how much remains of frozen funds. We today freed another 1m across 88% of accounts. 3% of total customer funds are still frozen. I am a human of integrity. I wouldn’t ruin my name to steal 4m or 4trillion. These funds are in the hands of a custodian now. pic.twitter.com/vFEetlOoW0
— Ray Youssef (@raypaxful) April 16, 2023
On April 4, it became known about the closure of the trading platform. At that time, the interface of the site was working, but trading and access to wallets were suspended.
Later, journalists suggested that the reason for the termination of Paxful was the deadlocked legal dispute between its co-founders Arthur Shabak and Ray Youssef.
In 2021, the platform launched a B2B service that allows merchants to accept Bitcoin payments in a variety of ways.
Stay in touch! Subscribe to CryptoNewsHerald.com at Telegram.
Comments (No)