Peer-to-peer (P2P) crypto exchange Paxful’s co-founder and CEO Ray Youssef has stated that 88% of suspended accounts were unfrozen, freeing $1M of customer funds.
The platform suspended its operations earlier in April after eight years, citing key staff departures and the current regulatory environment in the U.S.
- Youssef said he was not authorized to unfreeze the remaining 12% currently controlled by the U.S. regulators.
- The company executive also pointed out that he stepped down from the CEO position to unfreeze the accounts.
- The outgoing CEO added that 3% of all customer funds, accounting for $4.4M, are still frozen and under the control of a custodian.
- Youssef also recently faced Paxful co-founder Artur Schaback’s allegations in court.
- Schaback accused the company of involvement in misappropriating funds, money laundering, and evasion of U.S. sanctions.
- At the time of the allegations, Youssef claimed that Schaback sued Paxful because he was angry at the firm that fired him.
