Although some leaders have chosen to activate efforts to save money on their platforms, Ray Youssef, CEO of crypto exchange Paxful, has supported the idea of self-control.
The case for privacy is getting stronger as investors seek proof of their assets in crypto exchanges. Although some leaders have chosen to double down in efforts to save money on their platforms, Ray Youssef, CEO of the crypto exchange Paxful, has supported the idea of self-control and taking responsibility for more than 11 million users. The failure of FTX is an eye-opener for investors who have committed to crypto exchanges and protecting their assets. FTX CEO Sam Bankman-Fried, however, undermined that trust by withdrawing employee funds from the Alameda investigation. Since then, many exchanges have publicly shared information about their portfolios as evidence of reservations.
In a tweet, Youssef distanced himself from “the rest of the company”, repeating that he never touched investors’ money, adding that:
“My only job is to help you and serve you. That’s why today I’m sending a message to all our (Paxful) users to move your Bitcoin into private custody. You should not keep your money on Paxful, or any exchange, and only keep what you trade here.
Youssef will send weekly emails to users advising them not to store cryptocurrencies on all crypto exchanges, including Paxful. The businessman also highlighted the problem of the trust of the trustees like SBF, saying that “you are at the mercy […] of their actions”.
Thanks to Satoshi Nakamoto, Bitcoin (BTC) $16,954 as a useful thing – cannot be controlled in the change of center. Youssef pointed out that this unique opportunity that Bitcoin brings to the table – “the opportunity of finally being in control”.
While advising users to take full control of their assets, Youssef recommended the safety of their funds for investors who choose to store their Bitcoins with Paxful. In addition, the entrepreneur’s plans to withdraw Ether (ETH) $1,249 of Paxful seem to be a useful thing that talks about the lack of integrity in the Bitcoin ecosystem.
Paxful’s Ether removal plan came after Jeremy Garcia, the founder and CEO of Satoshi’s Journal, pointed out that the Ethereum system is flawed. SBF made headlines when it revealed plans to set up a new company to pay FTX investors.
“I would give anything to be able to do this. I will try if I can,” the famous businessman said when the BBC asked him recently in an interview if he would start a new business to pay FTX workers.
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