Tuesday, June 6, 2023
No Result
View All Result
World News Crypto
  • Home
  • Bitcoin
  • Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
    • Crypto Mining
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Regulations
  • Scam Alert
  • Analysis
World News Crypto
  • Home
  • Bitcoin
  • Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
    • Crypto Mining
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Regulations
  • Scam Alert
  • Analysis
No Result
View All Result
World News Crypto
Home Scam Alert

Former Paxful CEO warns users not to use platform amid spate of scams

by World News Crypto
May 13, 2023
in Scam Alert
Reading Time: 2 mins read
A A
0
Former Paxful CEO warns users not to use platform amid spate of scams
Share on FacebookShare on Twitter


Ray Youssef, the co-founder of Paxful, has warned to remain off the platform amid complaints of scamming.

As a peer-to-peer (P2P) market, Paxful gives the infrastructure, together with moderation, for customers to purchase and promote cryptocurrency from one another.

Paxful closes, re-opens

The peer-to-peer market closed in April, with Youssef acknowledging the resignation of a number of key workers members. Nevertheless, on the time, he remained unwilling to broaden on what else was taking place behind the scenes.

Weeks later, Youssef mentioned heightening U.S. regulatory strain was in charge — as he alerted individuals to the hazards of coping with U.S.-based monetary firms.

“They are going to confiscate your funds and never even provide you with a motive as a result of they can’t by legislation. The system itself is designed to harm you.”

Throughout this time, he mentioned he was engaged on unfreezing funds U.S. regulators had seized — his last act as CEO.

On April 21, Youssef introduced his resignation from the corporate — vowing to make entire the customers he couldn’t assist on the time.

Though the corporate managed to unfreeze 88% of funds, roughly $4.5 million stays frozen.

Paxful has places of work in Estonia, the U.Ok., the Philippines, Dubai, and St. Petersburg and does important enterprise exterior the U.S. however is headquartered in New York.

Customers getting scammed

Paxful re-opened its peer-to-peer market on Might 8. Since then, customers have reported being scammed on the platform.

Having fallen sufferer, Mitch reached out to Youssef, saying he had been scammed. Youssef responded by saying he was powerless to assist, including that he had been banned from the platform.

“I’m not the CEO of Paxful and haven’t any management over something taking place there. They banned me too. Good luck and belief no ones [sic]. #selfcustody.”

Mitch additional pleaded for assist, explaining that he had misplaced eight months of financial savings amounting to $660, but Paxful has not addressed the issue.

Youssef reiterated that he’s not ready to resolve the problem, additionally mentioning that he had taken his funds off Paxful and “is not going to commerce there.”

Equally, Kamwana reported promoting crypto, then refunding the cash attributable to incorrectly receiving the PayPal by “Items and Providers” as a substitute of “Associates and Household,” just for the moderator to launch crypto funds to the customer.

Commenting on this put up, one other Twitter person mentioned he misplaced crypto the identical means.

Intense hypothesis surrounds what occurred at Paxful and the obvious moderator-scammer collusion that’s unfolding.

Youssef was requested whether or not the corporate was topic to a hostile takeover, and he replied, “It was means worse than that.”



Source link

Tags: CEOPaxfulPlatformscamsspateuserswarns
Previous Post

Ethereum Bears Hesitate But Further Downsides Seem Likely

Next Post

Money Laundering in Crypto and Real Estate in the UAE

Related Posts

Crypto scams and exploits in May led to $60M loss: CertiK
Scam Alert

Crypto scams and exploits in May led to $60M loss: CertiK

June 2, 2023
Jimbos Protocol hacked for $7.5M, JIMBO price drops 40%
Scam Alert

Jimbos Protocol hacked for $7.5M, JIMBO price drops 40%

May 31, 2023
Tornado Cash attacker creates proposal that could restore governance
Scam Alert

Tornado Cash attacker creates proposal that could restore governance

May 25, 2023
Law firm threatens class action suit against disastrous $PSYOP memecoin
Scam Alert

Law firm threatens class action suit against disastrous $PSYOP memecoin

May 21, 2023
DOJ charges Nevada man involved in $45M CoinDeal crypto scheme
Scam Alert

DOJ charges Nevada man involved in $45M CoinDeal crypto scheme

May 29, 2023
WSB rallies over 200% after suspect offers refund option
Scam Alert

WSB rallies over 200% after suspect offers refund option

May 9, 2023
Next Post
Money Laundering in Crypto and Real Estate in the UAE

Money Laundering in Crypto and Real Estate in the UAE

Un mois après la mise à jour Shapella — les retraits sont arrivés, record d’ETH déposés

Un mois après la mise à jour Shapella — les retraits sont arrivés, record d’ETH déposés

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

World News Crypto

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at World News Crypto.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • Mining
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyrigth © 2023 World News Crypto.
World News Crypto is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
    • Crypto Mining
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Regulations
  • Scam Alert
  • Analysis

Copyrigth © 2023 World News Crypto.
World News Crypto is not responsible for the content of external sites.

  • JDBJDB(JDB)$0.021575-0.61%
  • bitcoinBitcoin(BTC)$25,768.00-3.79%
  • ethereumEthereum(ETH)$1,818.31-2.74%
  • USDEXUSDEX(USDEX)$1.080.90%
  • tetherTether(USDT)$1.000.03%
  • binancecoinBNB(BNB)$279.23-7.17%
  • usd-coinUSD Coin(USDC)$1.00-0.01%
  • rippleXRP(XRP)$0.51-4.07%
  • staked-etherLido Staked Ether(STETH)$1,817.34-2.78%
  • cardanoCardano(ADA)$0.354409-5.21%