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Paxful CEO Ray Youssef Proposes to Reimburse Users from Personal Funds Amid Legal Battle

Cointime Official

April 9 (Cointime) - Paxful CEO Ray Youssef has provided an update on the ongoing legal dispute involving frozen user funds. Youssef announced his intent to create a plan with the court to reimburse users from his personal finances. He emphasized his commitment to prioritizing user funds, despite the risk of being held in contempt of court.

On April 4, Paxful, a peer-to-peer marketplace for trading Bitcoin, Tether (USDT), and USDC, unexpectedly declared the immediate suspension of its platform. The sudden closure may have been a result of a bitter dispute between Paxful's co-founders, Artur Schaback and Mohamad (Ray) Youssef, in Delaware's courts.
The co-founders, who started Paxful in 2015 with a shared passion for Bitcoin, are now litigating the company's control, with several accusations against each other, according to court documents. The allegations include misappropriation of company funds, money laundering, and evasion of United States sanctions against Russia, among others.

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