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After Sudden Closure, P2P BTC Marketplace Paxful Reopens


After the battle between the co-founders of Paxful, they decided to shut down its operations.

However, the Peer-to-Peer marketplace has made a comeback again.

After one long month of hiatus, the P2P Bitcoin marketplace Paxful has reopened online.

Details of the Story

Reportedly, due to a lawsuit filed by Artur Schaback, one of the co-founders of Paxful, the platform was closed down in April.

The lawsuit was against Ray Youssef (co-founder and the then-presiding CEO) last January.

According to Ray Youssef, “nasty lawyers” from Schaback sacked the company’s officials and crippled the workforce to the extent that it couldn’t function.

A judge from Delaware Chancery Court on 10the April appointed a legal custodian who will oversee the Paxful withdrawals to protect customers’ funds.

Following the dispute, Youssef resigned from the position of CEO, and the exchange crumbled on April 21.

Before his departure, Youssef tried to reduce the team to safeguard the customer funds and provide smooth withdrawals.

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The Comeback

It was so surprising that on May 8, the exchange posted “We are back again” on its website.

According to the announcement, they have diligently worked for the past month to bring back the marketplace online with additional safety and security measures for users, which is paramount.

However, the post didn’t bear any update on how the platform’s ongoing lawsuit for leadership is going.

The Response

The sudden announcement of the reopening of the P2P Bitcoin Marketplace came as a surprise to some of the industry participants.

According to some, they are confused about what is going on.

No further explanation was given before the company was shut down,

and all of a sudden, the company is back up and running.

Meanwhile, Youssef is making promises about what he is hoping to offer to its users.

He further says that he is still in a deadlock with his co-founder concerning the direction the company should take.

“Due to his track records, I don’t trust him to have control or access to user funds,” says Youssef.

Therefore, we agreed to give Srinivas Raju of Richards, Layton, and Finger court appointees to become the custodian of Paxful during this process.

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Since he is the custodian, Srini will have 100% authority and control of the platform, its management, and its operations.

Also, he can assist the company to stabilize while making recommendations to the court on the way forward for the company.














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