Paxful has announced it will reopen its services on May 8, 2023. The P2P Crypto Exchange was shut down last month due to a legal dispute between Paxful’s co-founders, however, the Paxful wallet remained open during the shutdown.
Tensions between the two parties led to the closure. Paxful co-founders Ray Youssef and Artur Schaback have apparently resigned their positions, while Youssef owns the company. Youssef contributed shares to the fund to compensate Paxful shares.
Paxful is currently managed by a custodian acting as a director of the company. The company had restored 88% access to funds, although $4.4million remained frozen because of the legal dispute between the founders.
In the coming days, Paxful will gradually restore functionality to the Marketplace.