The media found out the possible reason for the closure of Paxful

The deadlocked legal dispute between Paxful co-founders Artur Shabak and Ray Youssef may have been the real reason for the sudden shutdown of the P2P platform on April 4th. This assumption was made in Cointelegraph.

The parties have filed a number of accusations against each other, including misappropriation of company funds, money laundering, and even circumvention of US sanctions against Russia.

Shabak held office COO until February 2022, when he was allegedly removed from the management of the company by decision of the board of directors due to a conflict with Youssef, the company’s CEO. Opponents differed in their views on the future of the market and Paxful’s activities. The dispute also concerned “the legality of ever-increasing spending on persons unknown”.

According to Shabak, the platform transferred a large amount of bitcoin to the Turkish organization EMiR, which claimed to be a software developer. The Paxful co-founder noted that this company did not have a website to promote products, and the physical address appeared to belong to a clothing manufacturer.

Further, payments from EMiR, presumably, were received by the company “DEKSLEKTIKA” from St. Petersburg, registered by former Paxful managers. The company was allegedly a subcontractor.

According to Shabak, the schemes were implemented to illegally withdraw funds from the platform and launder money.

Source: Cryptocurrency

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