• Paxful, a P2P crypto exchange, has announced its reopening after a month-long shutdown due to a legal dispute between its co-founders.
• The exchange’s wallet remained open throughout the shutdown and gradually restore its services in the coming days.
• The closure of Paxful followed the closure of LocalBitcoins and sent shockwaves across the crypto market.
Paxful Reopens After Month-Long Shutdown
Paxful, a popular P2P crypto exchange, announced on May 8th that it will be reopening its services after a month-long shutdown. This was due to a legal dispute between Paxful’s co-founders Ray Youssef and Artur Schabeck that disrupted the exchange’s operations.
Services Restored Gradually
The Paxful wallet however remained open throughout the shutdown and users were given alternatives to where they could transfer their assets. The exchange plans to gradually restore its services in the coming days with 88% of funds already restored as of April 17th.
Custodian Manages Exchange
Sources also report that Paxful is currently under the management of a custodian who acts as company director and “tie-breaker” alongside Youssef and Schaback. It is believed that Youssef resigned from his position in Paxful and contributed his personal company shares to a fund intended to compensate PAXFUL shareholders.
Closure Followed LocalBitcoins Shutdown
The closure of Paxful sent shockwaves across the crypto market seeing that it followed closely after LocalBitcoins shut down earlier this year. This news comes at an interesting time when meme coins such as DOGE have started making headlines for their incredible success in recent months.
Overall, it is encouraging news to see Paxful back online after such turbulence within the organization’s leadership team over the past few weeks. As both Youssef and Schabeck work towards restoring functionality to their marketplace, we can only wait and see how things progress over time for this PTP cryptocurrency exchange platform.