Last Updated on May 13, 2023 by Bitfinsider
On May 9, Ray Youssef, the company’s former CEO, informed users of the peer-to-peer platform once more that he had left the organization weeks earlier and could not “vouch in any way for anything that is happening there now.” Although Youssef advised customers to “trust no one,” he also promised to soon give an update on a trust that has been “set up to make any frozen funds whole.”
The comments by Youssef come following reports that the P2P (peer-to-peer) market was back up only a few weeks after it was taken down. Youssef has frequently tweeted about his falling out with his co-founder at Paxful.
Paxful was forced to shut down as a result of a number of circumstances, including the departure of key personnel and regulatory difficulties, as was revealed by Bitcoin.com News in early April. According to some sources, Youssef’s dispute with fellow Paxful co-founder Artur Schaback was also a factor in the marketplace’s premature closure.
On May 10, Paxful’s official account tweeted a thank you to users for their tolerance while the marketplace was unavailable. The tweet also implied that measures had been taken to address functioning problems.
Paxful said in a tweet: “Thank you to the community for your patience, as we continue to gradually restore functionality to the marketplace. We are aware that some users’ accounts are mistakenly banned and our team is working to fix the issue.”
Youssef informed a user who claimed to have been defrauded on the platform in another tweet that he no longer had any control over the situation and that he, too, had been blacklisted. Other users who inquired similarly about their frozen funds received the identical messages from the former CEO again. Youssef responded when asked what ultimately led him to leave Paxful: “It is a wild story bro. We need a [Twitter] spaces.”
Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.