paxful said May 8th After a month-long shutdown, we plan to resume service.
The peer-to-peer crypto market said it would “gradually” restore market functionality over the next few days.Paxful said on its website that wallets will continue to function during the shutdown, giving users access to alternative platforms.
Report from Coindesk suggest that Paxful is currently owned by a curator who acts as the company’s director and “tie breaker” along with co-founders Artur Schabeck and Ray Youssef. Coindesk got that information from his Shabeck himself.
Conflict between founders
Paxful first ceased operations on April 4, 2023. However, Paxful CEO Ray Youssef said in an early informal statement that the project team ” [Paxful] Paxful itself suggested the outage was temporary April 10th.
Youssef later resigned and donated his personal company stock to a fund aimed at compensating Paxful users.
The platform was able to restore access to 88% of the funds by April 17th. Since that date, approximately $4.4 million has remained frozen due to legal disputes between the co-founders.
Unlike many other companies that suspended user withdrawals during 2022, Paxful was able to recover without going through bankruptcy or restructuring proceedings.
The post, which Paxful has reopened after a month-long shutdown, first appeared on CryptoSlate.
