Ray Youssef says he gave up his CEO title to address the unfreezing of 88% of user accounts more than a week after suspending operations.
The chief executive officer of peer-to-peer crypto marketplace Paxful has announced the unfreezing of 88% of previously frozen user accounts more than a week after suspending operations.roughly $4.4 million in frozen funds remained on the platform after staff had unfrozen 88% of existing accounts.
Youssef said though roughly 3% of total user funds were still frozen, he had made the unfreezing his “final act” as Paxful's CEO: “I gave up my title as CEO to unfreeze these accounts and am also in danger of being in contempt of court,” said Youssef. “That is what I did besides a lot of sleepless nights. Nothing more I can do but sleep well tonight. Integrity trumps risk.”
4.4m of frozen funds remain in Paxful, about 3.3% of total customer funds. We freed a total of 3m this year thru tremendous compliance effort. Those who would say that I am somehow destroying my reputation to steal 4m bucks are mad. I don’t have a price 4million or 4 trillion.
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