Paxful pulls ether, citing centralization and scams used to steal billions

Quick Take

  • CEO Ray Youssef slammed the use of ether, calling it essentially a form of fiat.

Paxful is removing ether from its crypto marketplace tomorrow, linking related tokens to scams that have “robbed people of billions.”

“Revenue is nice, but integrity trumps all,” CEO Ray Youssef said in an email to users. 

Youssef said that by switching to proof-of-stake over proof-of-work earlier this year, ether has become “essentially a digital form of fiat.”

“ETH is not decentralized. It is controlled by a small group of people and one day you will need permission to use it,” Youssef wrote. “The tokens that ETH has spawned have been scams that have robbed people of billions.”

 

 


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