‘I’m Not Withdrawing My BTC Earlier than Paxful Customers’: CEO Ray Youssef

• Paxful is closing down and urging customers to withdraw funds; CEO assures security.
• CEO Ray Youssef tweeted that he gained’t withdraw his Bitcoin till all customers on Paxful do.
• Youssef commented that he practices self-custody and receives his wage in Bitcoin

Bitcoin market Paxful, working on a peer-to-peer foundation, has made public its choice to shut down. The corporate is advising its customers to withdraw their funds from the platform. In a weblog publish, Paxful’s CEO and co-founder, Ray Youssef, acknowledged that the choice to close down the platform would possibly come as a shock to some customers.

Nevertheless, he assured them that every one buyer funds had been protected and urged them to withdraw their funds from the platform, ideally choosing self-custody if potential. Moreover, Youssef tweeted on March 5 that he won’t be withdrawing his Bitcoin till all of the customers on Paxful get their BTC out first.

Furthermore, the picture hooked up alongside the tweet highlights that solely 2.3 BTC is at present in Youssef’s possession. Therefore, one of many followers questions that “absolutely that’s not all of your Bitcoin.” In response, the CEO claimed, “I self custody brother. Solely carry on any alternate what I intend to promote. Additionally get my wage in BTC.”

In keeping with the announcement publish, Paxful’s choice to close down was attributed to “regulatory challenges for the trade” and “key workers departures.” Nevertheless, throughout a Twitter area dialog,  Youssef disclosed that the closure of the platform was influenced by a lawsuit filed in opposition to him and the corporate by one in every of its co-founders. Youssef revealed that he’s going through a authorized case filed by his co-founder, who was faraway from the corporate over a 12 months in the past.

Whereas not explicitly naming the person in query, as per consultants, Youssef was doubtless referring to Artur Schaback, Paxful’s co-founder who filed a lawsuit in opposition to Youssef in Delaware Chancery Court docket in January, in accordance with CourtConnect.

In the meantime, a spokesperson from Paxful declined to substantiate the id of the plaintiff, citing the continued lawsuit wherein Paxful is a nominal defendant, however did acknowledge that Schaback is a co-founder and present board member of the corporate.