Former Paxful CEO Ray Youssef Urges Platform Users to ‘Cease Trading’

On July 7, Ray Youssef, the erstwhile CEO of Paxful, told users of the peer-to-peer crypto marketplace to halt trading connected the platform. Youssef claimed that Paxful is present “just paying ineligible bills” and that “no African oregon immoderate non-American should spot immoderate IS corporation.”

Paxful’s Alleged Removal of Reserve Funds From Status Page Raises Concern

Following reports that Paxful, the peer-to-peer crypto marketplace, has removed the reserve funds magnitude from the presumption page, erstwhile CEO Ray Youssef advised users to cease trading. In his reply to a Twitter idiosyncratic who warned of an FTX-style collapse, Youssef suggested that users should see switching to self-custody until “we get to the bottommost of this.”

In summation to exposing the alleged removal of reserve funds from Paxful’s website, the unidentified societal media idiosyncratic besides claimed to person seen tweets from erstwhile employees who complained of not being paid each their dues aft they left. The idiosyncratic besides claimed to person heard rumors that Paxful was dipping into lawsuit funds.

In different tweet, Youssef, successful an evident effect to Paxful’s pledge to unfreeze $4.5 cardinal successful lawsuit funds, reiterated his deficiency of assurance successful the process, declaring:

I bash not spot lawyers. Paxful is present conscionable paying ineligible bills. No African oregon immoderate non-American should spot immoderate IS corporation. Don’t accidental you were [not] warned folks. My estimation I worth implicit immoderate shares successful immoderate company.

In aboriginal April, trading connected the P2P marketplace was suspended owed to regulations and what Youssef attributed to the departure of cardinal personnel. However, aft Paxful announced the resumption of services, Youssef, who had already near the organization, said helium could not vouch for thing that is happening determination now.

Since leaving Paxful, Youssef, who has much than 50,000 followers connected Twitter, has not lone urged users to wantonness the level but has routinely promoted Civkit which helium founded. Although galore of the followers person lauded Youssef’s efforts, immoderate person accused him of being an “attention seeker.” He has besides been accused of seeking to usage his power to harm rivals.

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