Don't want to go to prison

Don't want to go to prison

If you have been in the crypto sphere for a long time, you should already know two things: You should never want to invest more money than you can afford to lose, and you will never want to read the words "Please have patience with me"; I don't want to go to prison ”, from the CEO of a large stock exchange - for example Paxful.

On April 6th, Ray Youssef, CEO and co-founder of Paxful, a P2P-Bitcoin exchange based in the USA, announced that he is working on a plan to provide the funds of the users back with his own money in order to comply with the law and avoid the sudden closure of his stock exchange.

Youssef said that he was in prison because he did not follow the judicial orders to return the frozen funds from Paxful, which caused him to make such drastic measures.

The co -founder of Paxful said that he would take such a risk, otherwise the funds could "forget" and the users could never regain them. However, he asked the community for patience to carry out this task.

updated to frozen funds: I am now working clearly on a plan with the dish where * I * will make users out of my pocket. I am already in danger of being despised in court. I always put the user money in the first place. Please carry me. I don't want to go to prison but still swing!

- Ray Youssef (@raypaxful) 6. April 2023

Paxful and Youssef were sued by a former partner

YOUSEF said in an interview that his problems were largely due to a legal dispute with Artur Schaback, another Paxful co-founder, who was dissatisfied with his departure from the company and accused Youssef of excluding him from internal processes.

"In mid -January my co -founder decided to sue the company and me. The legal dispute was really nasty and he scissaged our best people. My entire staff stepped down at the top level. I had no surgical staff."

he added that Youssef's discharge was "like a kind of terrible divorce", since his former partner had been released more than two years ago for various reasons, including "incompetence and misconduct" because he had refused to take part in the internal studies of the company.

Youssef's goal before he had the current problems was to set up a network of decentralized Bitcoin marketplaces without custody that would be "the most exciting since Bitcoin". However, this dream seems to be wiped out according to the regulatory problems that the company has met and the lawsuit of its former partner.

US supervisory authorities and the crypto companies

as cryptopotato as recently reported, Paxful added its name to a list of cryptocurrency exchanges that were closed or were affected by regulatory pressure, in particular by the US government. The company spent millions of dollars to stick to it, but "it wasn't enough," said Youssef.

Although Youssef was forced to close his seven-year-old company, his wish to continue working in the crypto ecosystem is far from over. The entrepreneur works with Jack Dorsey, the co-founder and former CEO of Twitter, to start a decentralized P2P-Bitcoin trading platform called Civilization Kit (CIV KIT).

According to Youssef, the platform will start in less than two weeks. Will Civ Kit be a paxful clone or will it be a brand new, exciting development for the Bitcoin ecosystem?

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