Paxful CEO: 88% of frozen accounts have been unfrozen, and I will not run away with the funds before stepping down
ChainCatcher news, Paxful co-founder Ray Youssef assured creditors that the platform is under the supervision of a trustee and he will not "run away" with the funds, as doing so would "ruin his reputation." It is reported that Paxful announced a halt in operations two weeks ago, and it is uncertain whether the platform will reopen.
According to a tweet posted by Ray Youssef, he will step down as CEO of Paxful on April 18. Currently, the company is controlled by a Delaware law firm acting as a trustee overseeing all funds and operations of the platform. Ray Youssef pointed out that Paxful still has $4.4 million in frozen funds, which accounts for about 3.3% of all customer funds that cannot be withdrawn. However, as his "last act as CEO," Youssef also revealed that after 10 days of effort, 88% of the frozen accounts have been unfrozen. "To unfreeze these accounts, I gave up the title of CEO, and I also risked being held in contempt of court."
He advocates for all crypto users to self-custody. He stated that he has "no power" to unfreeze the remaining 12% of accounts that are still locked. "If your account is still frozen, I am sorry, but I do not have the power to unfreeze these funds; they are in the hands of U.S. regulators. I have no authority, and I never had the authority to use customer funds. Avoid U.S. companies, always self-custody!" (source link)