Ray Youssef, the co-founder of the now-defunct P2P marketplace Paxful, has revealed that 88% of previously frozen accounts have been unlocked and that users can now withdraw their funds from the platform.
Youssef made the announcement via Twitter, stating that this feat was accomplished in just 10 days using three scripts and many sleepless nights, without the need for engineers or compliance specialists.
On April 17th, he released an additional 1 million dollars from 88% of the accounts, leaving only 3% of the total client money still frozen.
Despite this, many users are still unable to access their funds and are accusing Youssef of fraudulent behavior.
Youssef responded by stating that compliance regulations are in place to protect users and that he cannot unfreeze these funds himself.
He also claimed that he would never risk his reputation to steal funds from users, regardless of the amount.
Youssef recommended that users avoid US companies and take responsibility for self-sustaining their funds.
In early April, Paxful announced its closure due to a conflict between Youssef and co-founder Artur Schaback.
Schaback hopes to reopen the site, but Youssef has urged users to withdraw their funds and find a new service provider.