Paxful CEO preaches Bitcoin self-custody, advises against crypto exchange

The lawsuit for self-custody grows stronger arsenic investors request grounds of their assets implicit crypto exchanges. While immoderate CEOs chose to treble down connected assuring the funds’ information connected their platforms, Ray Youssef, the CEO of crypto speech Paxful, sided with the thought of self-custody arsenic helium took work for implicit 11 cardinal users.

The autumn of FTX was an eye-opener for investors who predominantly entrusted crypto exchanges with safeguarding their assets. FTX CEO Sam Bankman-Fried, however, broke this spot by misappropriating users’ funds via Alameda Research. Ever since, galore exchanges had to stock wallet accusation arsenic impervious of reserves publicly.

Will beryllium sending an email each week powerfully advising our radical to ne'er support savings connected immoderate exchange, including @paxful This is the mode ! Self custody your savings ALWAYS! pic.twitter.com/DI95Gaa5Y6

— Ray Youssef (@raypaxful) December 11, 2022

In a Twitter post, Youssef distanced himself from “others successful the industry,” reiterating that helium ne'er touched investors’ money, adding that:

“My sole work is to assistance and service you. That’s wherefore contiguous I’m messaging each of our [Paxful] users to determination your Bitcoin to self-custody. You should not support your redeeming connected Paxful, oregon immoderate exchange, and lone support what you commercialized here.”

Youssef volition nonstop play emails to users powerfully advising against storing cryptocurrencies connected each crypto exchanges, including Paxful. The entrepreneur further highlighted the occupation with trusting custodians specified arsenic SBF, stating that “you’re astatine the mercy of […] their morals.”

Thanks to Satoshi Nakamoto, Bitcoin (BTC) — arsenic an plus — is shielded from centralized power and manipulation. Youssef pointed retired this unsocial accidental that Bitcoin brings to the array — “the accidental to yet beryllium successful control.”

While helium powerfully advised users to instrumentality full power implicit their assets, Youssef assured their funds' information for investors that take to store their Bitcoin connected Paxful.

Related: Binance's impervious of reserves raises reddish flags: Report

SBF made the headlines aft revealing his program to commencement a caller concern for repaying the FTX investors.

"I would springiness thing to beryllium capable to bash that. And I'm going to effort if I can," the infamous entrepreneur said erstwhile precocious asked by BBC during an interrogation if he’d commencement a caller concern to repay FTX users.