• Sun. Jun 4th, 2023

Paxful Back Online after Temporary Suspension


Cryptocurrency exchange that operates peer-to-peer, Paxful has resumed operations after being shut down for more than a month.

The firm commented, “We’re happy to announce that the Paxful marketplace is back online after a month away.” Early in April, we had to make the tough choice to temporarily shut down the market in order to safeguard all of our clients and the future of Paxful.

Co-founder Artur Schaback, who filed a lawsuit against CEO Ray Youssef and the business for, among other things, unfair termination, raised worries about the security of customer assets, prompting Paxful to shut down in April.

According on reports, the relationship between the co-founders have been difficult for a while and that the business suffered from severe lapses in management professionalism.

According to Schabeck, who is looking for a settlement and wants out of the firm, Paxful is currently owned by a custodian, who serves as a director in addition to both Schabeck and Youssef.

“Right now we need the custodian because he’s a tiebreaker; otherwise we’re in a deadlock,” Schabeck told CoinDesk.


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