Paxful CEO steps down, vows to make users whole by creating a Public Trust
Apr. 22, 2023
By Josh O'Sullivan
Ray Youssef has resigned and pledged to use his Paxful shares to create a Public Trust to make customers whole.
CEO of Paxful, Ray Youssef, announced his resignation and promised to make Paxful users whole again on April 21, according to his medium post.
In the post, Youssef said that he “will put 99.9% of [his] personal shares in Paxful, which accounts for over 45% of the company, into a public trust.”
Court-appointed Srinivas Raju to take the wheel
Youssef expressed concern for the future direction of Paxful due to not trusting his co-founder “to have access to or control over user funds.”
“Transparency is one of the core tenets of bitcoin. In honor of this ideal, I want to be as transparent as I can be around what’s happening behind the scenes at Paxful.”
Stuck in a “deadlock around the direction of the company” with his co-founder, the pair have agreed to Srinivas Raju — of Richards, Layton, and Finger (court-appointed) — becoming the custodian of Paxful through the process.
Raju now holds total authority and control over the company’s operations and management, and will try to stabilize Paxful — while preparing his recommendation for the court on how the company should proceed.
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