On July 7, Ray Youssef, the former CEO of Paxful, told users of the peer-to-peer crypto marketplace to stop trading on the platform. Youssef claimed that Paxful is now “just paying legal bills” and that “no African or any non-American should trust any IS corporation.”
Paxful’s Alleged Removal of Reserve Funds From Status Page Raises Concern
Following reports that Paxful, the peer-to-peer crypto marketplace, has removed the reserve funds amount from the status page, former CEO Ray Youssef advised users to cease trading. In his reply to a Twitter user who warned of an FTX-style collapse, Youssef suggested that users should consider switching to self-custody until “we get to the bottom of this.”

In addition to exposing the alleged removal of reserve funds from Paxful’s website, the unidentified social media user also claimed to have seen tweets from former employees who complained of not being paid all their dues after they left. The user also claimed to have heard rumors

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