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According to the Paxful co-founder, 88 % of the customer accounts were unlocked
Ray Yousef, co-founder and CEO of the peer-to-peer-bitcoin marketplace Paxful, said that 88 % of all blocked customer accounts had been released again after the recent decision of the company to hire the company. With the latest development, Paxful has now released $ 1 million in customer funds. Youssef also noticed that he could not release the remaining 12 % because he was no longer authorized because the accounts are now under the control of the US regulatory authorities. 3 % of the funds of the users remain frozen Youssef, who had previously announced that he would step down as CEO of Paxful on April 18, said that he had given up this title ...
According to the Paxful co-founder, 88 % of the customer accounts were unlocked
Ray Youssef, co-founder and CEO of the peer-to-peer-bitcoin marketplace Paxful, said that 88 % of all blocked customer accounts had been released after the company's recent decision to hire the company. With the latest development, Paxful has now released $ 1 million in customer funds.
Youssef also noticed that he could not release the remaining 12 % because he was no longer authorized to do so, since the accounts are now under the control of the US regulatory authorities.
3 % of the funds of the users remain frozen
Youssef, who had previously announced that he would resign as CEO of Paxful on April 18, said that he had given up this title to release them and was also in danger of being disregarded in court.
"If your account is still blocked, I'm sorry, but I am not authorized to release these funds, and you are in the hands of the US regulatory authorities. I have no access and have never had access to customer money." He tweeted .
According to the Paxful founder, 3 % of the total customer funds are still frozen, which leads to around 4.4 million US dollars on frozen funds on the platform. The outgoing CEO added that these funds are currently in the hands of a trustee and that he would not ruin his name by stealing it.
The Paxful saga
The latest development comes two weeks after the announcement of Paxful Suspension of its marketplace. As the reasons for the decision, the P2P exchange cited some important employee departures and regulatory challenges in the industry.
Shortly after the announcement, Youssef found that the move was also triggered by a lawsuit that was submitted by a Paxful co-founder, Artur Schaback, after being thrown out of the company. A Court file on Courtconnect showed that Schaaback had filed a lawsuit against Youssef in January, whereby Paxful was a nominal defendant in the legal dispute.
Youssef claimed that Schaaback had sued Paxful because he was angry, and added that the manager of the manager was evil and had expelled the company's leaders.