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Paxful CEO To Reimburse Users From His Own Pocket
In the world of cryptocurrency, there are two important things to keep in mind: never invest more money than you can afford to lose, and always be wary of legal troubles faced by exchanges you use. For example, Paxful’s CEO, Ray Youssef, recently announced that he plans to use his own money to reimburse users who have been affected by the sudden shutdown of his P2P Bitcoin exchange. This decision comes as Youssef faces the risk of going to jail for failing to comply with court orders to return Paxful’s frozen funds.
According to Youssef, he is taking this risk as he fears the funds may “fall into oblivion,” and users might never be able to recover them. However, he has asked the community for patience while he carries out this task. Youssef’s announcement comes in the aftermath of a legal dispute with Artur Schaback, another Paxful co-founder, who sued the company and its CEO, accusing Youssef of excluding him from internal operations and engaging in fraudulent fund transfers.
Youssef’s dreams to build a network of decentralized, non-custodial Bitcoin marketplaces seem to have been extinguished after regulatory issues that hit the company and the lawsuit from his former partner. Paxful is not the only cryptographic exchange to have to shut down due to regulatory pressures, with the US government becoming increasingly stricter regarding cryptocurrency businesses. Although Paxful may be shutting down, Youssef’s desire to work in the crypto ecosystem has not ended, as he is collaborating with Jack Dorsey, the co-founder and former CEO of Twitter, to launch a decentralized P2P Bitcoin trading platform called Civilization Kit (Civ Kit).
According to Youssef, the platform will launch in less than two weeks. It remains to be seen whether Civ Kit will be a Paxful clone or a brand new, exciting development for the Bitcoin ecosystem.
In conclusion, users of cryptocurrency exchanges should always be cautious and do their research while keeping in mind their investments’ safety. Paxful’s example is a reminder of the importance of exercising this caution.