Paxful CEO Ray Youssef has resigned, Tweeting that “the full story shall soon be revealed.” Paxful is a Bitcoin-focused global peer-to-peer platform that aims to change the way money moves, allowing transfers to anyone anywhere.
I resign as @paxful CEO with:
☑️ the wallet operational
🔒 user funds safe and secure
💰 Celsius users made whole
🛠️ the CivKit for people to build their own @paxful
I may not be perfect but the customer ALWAYS comes first !
Thank u everyone for ur support 🙏😇 pic.twitter.com/tK4gz87kTF
— Ray Youssef (@raypaxful) April 18, 2023
Youssef added:
“[Paxful] was done under the very worst of conditions with a cofounder suing me and the company, refusing to pay salaries, chasing away all top talent with a terror lawsuit and trying to get me in contempt of court. 4 ppl did the job of 100 to make this happen. [thanks] to the @paxful
team.”
True story, crazier than u can imagine.. https://t.co/iG7J14BDIH
— Ray Youssef (@raypaxful) April 16, 2023
Paxful thanked Youssef for his last eight years growing the company to 12 million users.
A message from @paxful + @raypaxful pic.twitter.com/wZdr6sxDJd
— Paxful (@paxful) April 17, 2023
Earlier this month, Paxful struggled to process transactions, suspending the marketplace to address the issues. Prior to announcing his resignation, Youssef stated:
“It is done! 88% of all frozen accounts have been UNfrozen. 10 days, 3 scripts and sleepless nights with no engineers or compliance folks but we did it! This is my final act as CEO of @paxful Go login now and claim your funds! Self custody for the win post here if u got it!”
He claimed that he gave up the title of CEO to unfreeze the accounts, adding:
“NEVER work with any financial company in the US or even any that serve Americans at all. They will confiscate your funds and not even give you a reason because they cannot by law. The system itself is designed to hurt you.”
It appears that Yousseff will be pursuing a new peer-to-peer network following his exit.
This is the way ! 💯https://t.co/K6B6M6y0pT pic.twitter.com/APE4UMFF2W
— Ray Youssef (@raypaxful) April 15, 2023
Most likely, this new venture will not be based in the US. Developing.