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

On July 7, Ray Youssef, the previous CEO of Paxful, informed customers of the peer-to-peer crypto market to cease buying and selling on the platform. Youssef claimed that Paxful is now “just paying legal bills” and that “no African or any non-American should trust any IS corporation.”

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

Following stories that Paxful, the peer-to-peer crypto market, has eliminated the reserve funds quantity from the standing web page, former CEO Ray Youssef suggested customers to stop buying and selling. In his reply to a Twitter person who warned of an FTX-style collapse, Youssef steered that customers ought to take into account switching to self-custody till “we get to the bottom of this.”

In addition to exposing the alleged removing of reserve funds from Paxful’s web site, the unidentified social media person additionally claimed to have seen tweets from former staff who complained of not being paid all their dues after they left. The person additionally claimed to have heard rumors that Paxful was dipping into buyer funds.

In one other tweet, Youssef, in an obvious response to Paxful’s pledge to unfreeze $4.5 million in buyer funds, reiterated his insecurity within the course of, declaring:

I don’t belief attorneys. Paxful is now simply paying authorized payments. No African or any non-American ought to belief any IS company. Don’t say you have been [not] warned people. My fame I worth over any shares in any firm.

In early April, buying and selling on the P2P market was suspended as a consequence of rules and what Youssef attributed to the departure of key personnel. However, after Paxful introduced the resumption of companies, Youssef, who had already left the group, mentioned he couldn’t vouch for something that’s occurring there now.

Since leaving Paxful, Youssef, who has greater than 50,000 followers on Twitter, has not solely urged customers to desert the platform however has routinely promoted Civkit which he based. Although lots of the followers have lauded Youssef’s efforts, some have accused him of being an “attention seeker.” He has additionally been accused of in search of to make use of his affect to hurt rivals.

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