Paxful, a Reopening Under Debate

Recently, Paxful, a cryptocurrency exchange platform, announced its cessation of activities, only to return in a surprising way. Despite this reopening, former CEO Ray Youssef urges vigilance via his Twitter account, stressing that he can not ensure the current reliability.

Paxful, a surprise return to the market

The reopening of Paxful caught everyone off guard. In early April, she stopped its services with no planned resumption date. According to Ray Youssef, co-founder, this decision was prompted by the mass resignation of employees and a lawsuit filed by Artur Schaback. A resignation that Youssef followed a few days later.

After a month of downtime, Paxful announced on May 8 on its blog the resumption of its services. Two days later, it shared on Twitter measures taken to resolve the malfunctions affecting some users, whose accounts had been suspended by mistake.

Ray Youssef warns Paxful users

Since the reopening, Ray Youssef, regularly warns users. He reminds them that he is no longer involved in the management of the company and that he cannot guarantee what is going on there, urging users to be careful.

Tuesday, May 9, one day after the reopening, Youssef made a point of publicly recalling thathe was no longer a member of the company’s management for several weeks now. Therefore, he cannot guarantee in any way what is going on in the company. He thus urged users not to trust anyone.

Faced with a user who claimed to have been a victim of a scam, Youssef stated that he had no power over the company since his own account had also been banned from the platform. People who wanted to know if they would be reimbursed for the frozen funds received the same answer from the ex-CEO.

In addition, Arthur Schaback, the co-founder of Paxful, had, too, announced that he wanted to resign from the companystating that the company was now owned by a custodian who acted as a director.

It is important to note that Ray Youssef is currently leading a peer-to-peer project called Civ Kit, which may be released in the near future. Wait and see ?