Paxful, a peer-to-peer (P2P) Bitcoin exchange, announced the resumption of its operations in a blog post after being shut down for more than a month.
According to the company, the decision to suspend the marketplace was made in early April to protect the customers and the company’s future. The post also announced that the marketplace is back online, and the company expressed its happiness about the resumption of operations.
In April, Paxful halted its operations due to a lawsuit filed by co-founder Artur Schaback, which alleged wrongful termination by CEO Ray Youssef and the company, among other claims. The lawsuit raised concerns about the safety of customer funds, prompting the shutdown.
It was reported that the co-founders’ relationship had been strained for some time and that the company had suffered from serious management incompetence shortly after the shutdown.
Schaback claims that Paxful is currently controlled by a custodian who also serves as a director in addition to Schaback and Youssef. Schaback is seeking a settlement and wants to depart the company.
Schaback stated that the custodian is currently required as a tiebreaker, or a deadlock would exist.
Users were given access to a variety of peer-to-peer platforms to carry on trading, according to the company, and the Paxful Wallet was still fully functional for them during the suspension.
