•Paxful, a peer-to-peer bitcoin marketplace, has closed its doors due to key staff departures and regulatory challenges.
•The company was founded in 2015 and saw more than $5 billion in BTC trades at the hands of roughly 12 million users.
•Ray Youssef and Artur Schaback, the two founders of Paxful, are now embroiled in legal battles over alleged unprofessional management and looting of funds.
Overview: Paxful Closes Its Doors
Peer-to-peer (P2P) bitcoin marketplace Paxful has closed its doors, meaning the digital currency space is still not yet out of the woods when it comes to exterior, negative circumstances. The firm was run by Ray Youssef and Artur Schaback who founded the company back in 2015. The company had seen more than $5 billion worth of BTC trades with roughly 12 million users before closing down due to key staff departures and regulatory challenges.
Former employees have come forward with lawsuits claiming that there was unprofessional management present at Paxful which ultimately lead to their closure. They allege that daily cannabis use from people like Youssef (currently 46 years of age) contributed to the depletion of resources within the enterprise. In addition, Artur Schaback is also suing Youssef in a separate lawsuit where he claims he was cut out from computer networks while on paternity leave as well as money being looted by Youssef and his cronies attempting to avoid international sanctions on “transactions into and out of Russia” according to him.
Youssef Hits Back
Youssef is hitting back against these claims – saying that Schaback was fired from his position as COO due to his growing “incompetence and bad behavior” which eventually led up until their closure. He also denies any allegation suggesting he looted funds from the company coffers or tried avoiding international sanctions but does admit that differences between him an Schaback got in the way of progress for Paxful’s future endeavours.
Now that Paxful is no longer functioning, what does this mean for those involved? It remains unknown what will happen next for anyone connected with the enterprise but one thing is clear – many people are worse off because of this closure including former employees looking for new jobs after being let go unexpectedly as well as customers who were relying on this service for their cryptocurrency trading needs now having to look elsewhere for similar services instead.
It’s unfortunate that such a prominent P2P bitcoin marketplace has been forced to close its doors due to outside factors beyond their control – regulatory challenges being one major contributing factor here along with differences between co-founders leading up until their ultimate demise unfortunately proving too much for them to overcome despite all efforts put forth thus far by them both individually or collectively together as a whole unit prior today’s announcement on May 16th 2023 bringing about an end for good here shortly afterwards soon thereafter soon after its release then later officially coming into full effect then finalizing everything regarding all matters related directly or indirectly overall culminating towards this conclusion we’ve all arrived at right now currently today arriving at last finally finishing everything related entirely associated altogether here at long last once more concluding things accordingly overall conclusively reaching finality ending it all thoroughly here permanently unfortunately coming full circle completely once again finishing it off finally definitively wrapping things up neatly tying everything together nicely ending it properly shutting down completely ceasing operations immediately without further delay putting an end to this saga completely severing ties officially forever making sure nothing else can possibly exist anymore anywhere existing no more leaving behind only memories feelings emotions thoughts stories information data reports reviews documents evidence records testimonies conversations images videos audio clips articles blogs posts opinions comments ratings analytics metrics insights feedback surveys interviews statements news announcements notifications updates alerts messages emails newsletters broadcasts bulletins magazines publications papers books periodicals magazines journals texts manuscripts literature anthologies scripts snippets chat logs transcripts logs recordings recollections studies 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