The former CEO issued a warning to his own company’s customers: “Do not use this cryptco exchange in any way, shape, or form.”


This crypto exchange was recently criticized by its ex-CEO.

Paxful is a well-known peer-to-peer cryptocurrency exchange, and its former CEO, Ray Youssef, has issued a public warning about the organisation.

Youssef tweeted on July 8 that the cryptocurrency exchange Paxful had concealed the proof of reserves section of its website, which revealed the total amount of bitcoin in the exchange’s wallets.

In his blog, Youssef stated: “I implore you everyone to halt trading till we get more information about this. This is not meant as financial advice. Interestingly, throughout my tenure as CEO, we have always been very open about our reserves. It’s hardly rocket science, people!”

Proof of Reserves is a document used by cryptocurrency exchanges to prove that they have enough money on hand to pay for deposits and withdrawals made by their clients. Fraud, theft, and bankruptcies are avoided as a result. Paxful’s support centre states that the exchange’s proof of reserve was formerly accessible on the Internet but has now been removed.

Paxful did not address Youssef’s allegations or provide an explanation for erasing the reserve evidence. The platform, which Youssef and Artur Schaback launched in 2015, has over 7 million members and 300 different payment options.

Also Read: Santiment Discusses the Upside Potential of Ripple (XRP) and Cardano (ADA)

Leave A Reply

Your email address will not be published.