Paxful CEO said he would use his personal funds to reimburse users - and avoid jail.
Paxful Co-Founder Will Repay Users With His Own Money: Doesn’t Wanna Go to JailPaxful CEO said he would use his personal funds to reimburse users – and avoid jail.
If you have been in the crypto sphere for some time, there are two things you should already know: you should never want to invest more money than you can afford to lose, and you will never want to read the words “Please bear with me; I don’t wanna go to jail,” from the CEO of a major exchange – for example, Paxful.
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 the return of Paxful’sThe Paxful co-founder explained he is taking such a risk because, otherwise, funds might “fall into oblivion,” and users might never be able to recover them. However, he asked the community for patience while carrying out this task.
Updated on frozen funds: I am working now clear a plan with the court where *I* will make users whole out of my pocket. I am already in danger of being held in contempt of court. I always put user funds first. Please bear with me. Don’t wanna go to jail 😓 but still swinging !
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