Ray Youssef, CEO of Paxful, the leading P2P Bitcoin trading platform, has caught the attention of the cryptocurrency market with his resignation on April 21, 2023. However, in his Medium post, Youssef promised to unite Paxful users again! So what’s next after the CEO’s resignation? Here are the details…
Resignation news from Paxful CEO! Company freezes crypto funds!
cryptocoin.com Ray Youssef, CEO of Paxful, a Bitcoin trading platform, announced his resignation on April 21, 2023. With this event, which fell like a bomb in the crypto money market, the famous CEO drew attention with his new post on Medium. The post shows Youssef making promises to reunite Paxful users. In addition, Youssef announced that he will “put 99.9 percent of his personal shares in Paxful, which makes up more than 45 percent of the company, to the public trust”.
However, Youssef expressed his concerns about the future direction of Paxful as he did not trust his co-founder to “access or control user funds”.
Transparency is one of the core principles of Bitcoin. In honor of this ideal, I want to be as transparent as possible about what’s going on behind the scenes at Paxful.
“Stranging the direction of the company” with Paxful Co-founder, the duo agreed to have Srinivas Raju (court-appointed name) from Richards, Layton and Finger to be Paxful’s custodian throughout the process. Raju now has full authority and control over the company’s operations and management and will seek to stabilize Paxful as he prepares his advice to the court on how the company should proceed.
About $4.5 million in client funds still frozen
Although Youssef managed to unfreeze 88 percent of frozen user funds, about 3.3 percent of total client funds are still frozen, amounting to just under $4.5 million. However, the famous CEO said, “As I step down from my role as CEO, my priority will remain to resolve frozen user funds and the credibility of Paxful Wallet.” He also gave confidence to the users with his words.
Youssef had previously offered his co-founder a deal to buy all of his shares in Paxful for just one satoshi, with the only requirement that the co-founder carry out the necessary compliance efforts to settle the remaining accounts. But the Paxful co-founder turned down the offer.
Now preparing to transfer 99.9 percent of his personal shares to a Public Foundation, Youssef said the funds from his shares will be used to “integrate every Paxful user” and “everything else will go directly to the Built With Bitcoin Foundation to build schools.” conveyed his words.
To prioritize user funds, Youssef said he will ensure the Paxful Wallet remains operational for at least two years “to ensure people have access to their funds.”
I want Paxful to be an example of how a Bitcoin company coped with stifling US regulations despite facing a greedy and selfish bad actor.
This move from Paxful CEO was received very positively by crypto investors.
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