- The platform will fully restore functionality within a few days
- Paxful closed abruptly in early April
- Some key employees left the company, and one of the co-founders filed a lawsuit against another
- Later, the Ministry of Justice arrested part of the platform’s funds, but not all of them were unfrozen
On Monday, May 8th, Paxful announced that the platform was back online. In April, the site closed due to litigation and regulatory pressure.
“Breaking news: Paxful is online again. Over the next few days, we will fully restore the functionality of the trading platform. Thank you all for your support!” — says in publications.
Interestingly, in the “thread” under this “tweet” several users announced that their accounts were blocked. Recall that part of the company’s funds is still arrested by the US Department of Justice. The former CEO of the company managed to unfreeze not all the capital.
Paxful promises to resolve the issue promptly. It is also still unknown whether the organization managed to resolve the crisis among the members of the leadership. Recall that one of the reasons for the suspension of the site was a lawsuit from the co-founders of the company. We have described it in detail here:
The trial of the case has not yet ended, and it is not yet clear who will run the firm.
“Right now we need a kind of intermediary. Arbitrator. Otherwise, we are at a dead end.” stated earlier Arthur Shabak, who filed a lawsuit against Youssef.
Throughout April, while Paxful was closed, users’ wallets were active. If desired, any user could withdraw or deposit funds, although the ex-CEO recommended not to do this.
