PAXFUL’S DECISION TO PERSONALLY RETURN LOST CELSIUS FUNDS
PAXFUL’S DECISION TO PERSONALLY RETURN LOST CELSIUS FUNDS FOR PAXFUL EARN USERS
The major bitcoin exchange will use its own funds to make amends with customers who lost money as a result of Celsius’s demise.
Paxful, a global peer-to-peer Bitcoin network, will give its Celsius-affected Paxful Earn users almost nine bitcoin worth $250,000.00.
Paxful purses will receive money this week. In cooperation with Celsius, Paxful make lets users make Bitcoin yield. When Celsius failed, Paxful was paralyzed and unable to remove users’ money. When U.S. Bankruptcy Judge Martin Glenn found that Celsius Earn accounts belonged to Celsius’ bankruptcy estate, 600,000 interest-bearing accounts, including Paxful Earn, were impacted.
Paxful creator and CEO Ray Youssef said, “The courts failed these Celsius users. The U.S. government bails out established banks but not Bitcoin users. That bothers me, so I made sure Paxful Earn users got their full Celsius funds.”
Paxful has promoted Bitcoin self-custody since the Celsius crash. Paxful funded the Bitcoin Technology Center in Ghana to promote financial learning and openness.
Youssef said he would always prioritize Paxful users because client faith is hard to win and keep. He said the firm prioritizes consumers and has started several customer support programs. He notes the company’s charity and social effect work, including funding a Rwandan school and epidemic aid in India.