Paxful Co-Founder Will Repay Users With His Own Money: Doesn’t Wanna Go to Jail
Paxful CEO said he would use his personal funds to reimburse users – and avoid jail. On April 6, Ray Youssef, CEO and co-founder of Paxful, a US-based P2P Bitcoin exchange, announced that he is working on a plan to reimburse users’ funds using his own money in an effort to comply with the law and avoid getting into deeper legal issues following the sudden shutdown of his exchange. Youssef stated that he is at risk of going to jail for failing to comply with court orders concerning.
On April 6, Ray Youssef, CEO and co-founder of Paxful, a US-based P2P Bitcoin exchange, announced that he is working on a plan to reimburse users’ funds using his own money in an effort to comply with the law and avoid getting into deeper legal issues following the sudden shutdown of his exchange. Youssef said in an interview that his troubles are largely due to a legal dispute with Artur Schaback, another Paxful co-founder, who was dissatisfied with his departure from the company and accused Youssef of excluding him from internal operations and making fraudulent fund transfers. Youssef’s goal before facing the current issues was to build a network of decentralized, non-custodial Bitcoin marketplaces.
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