• Paxful has vowed to refund all impacted users of its Paxful Earn program in partnership with the bankrupt crypto lender Celsius.
• Ray Youssef, the CEO of Paxful, stated that he was personally taking action and would ensure that all impacted users were refunded.
• The judge’s decision that Celsius was the owner of the funds in its interest-bearing Earn Program and not the users did not sit right with Youssef.
Refund Announced For Impacted Users Of Paxful Earn
Users waiting with bated breath for the bankruptcy proceedings of crypto lender Celsius to play out have been given a glimmer of hope as peer-to-peer Bitcoin Marketplace Paxful has announced that it will be refunding all impacted users of its Paxful Earn program.
CEO Ray Youssef Takes Action
In a public statement, CEO Ray Youssef noted, “Paxful, like many others, were paralyzed to act as we could not retrieve funds held by Celsius. Another hit came when the courts ruled that Celsius Earn Accounts belonged to Celsius’ bankruptcy estate, not to its users.” With this announcement, Youssef also stated that he was personally taking action and would ensure that all affected users would be refunded. He added on Twitter, “We have done the right thing and refunded @paxful users who lost funds with Celsius Earn. I could not stand by and watch them suffer, so we’ve made them whole. Our users always come first to me”.
Decision Did Not Sit Right With CEO
Commenting on the judge’s decision that Celsius was the owner of the funds in its interest-bearing Earn Program and not the users, Youssef stated that it did not sit right with him. He said “The collapse [of Celsius] hurt countless users and damaged trust in our industry. Paxful, like many others, were paralyzed to act as we could not retrieve funds held by Celsius.”
Not The First Appeal On Behalf Of Users
Youssef appealed for everyone involved in cryptocurrency to hold themselves to a higher standard – ensuring transparency and putting themselves above profit – noting this was not his first appeal on behalf of his customers.
Amount To Be Refunded Still Being Determined
As of now it is still being determined how much money will be returned by Paxful to their affected customers due to their involvement with Crypto Lender Celcius’s bankruptcy proceedings.