- Paxful is to send weekly emails to users telling them to take their Bitcoin off exchanges.
- Ray Youssef agreed with the notion of self-custody.
- The confidence in crypto exchanges was betrayed by the deeds of FTX`s Sam Bankman-Fried.
The Bitcoin Archive released a recent Twitter post in which they highlight a report by the Paxful CEO. According to the article, Ray Youssef will be sending weekly emails to the users of the system.
Surprisingly, the purpose of these emails is to persuade recipients not to retain Bitcoin and other cryptocurrency pairings in exchanges.
Notably, Investors are demanding verification of their assets held on cryptocurrency exchanges with the argument in favor of self-custody becoming more compelling.
As Ray Youssef accepted responsibility for over 11 million customers, he agreed with the notion of self-custody rather than doubling down on efforts to ensure the money’s safety on their platforms.
Youssef has separated himself from “others in the sector” in a message that he made on Twitter. He reaffirmed the fact that he has never handled investors’ money. He adds that his sole responsibility is to help and serve the users.
That’s why today I’m messaging all of our [Paxful] users to move your Bitcoin to self-custody. You should not keep your saving on Paxful, or any exchange, and only keep what you trade here.
Ray Youssef
Most importantly, the failure of FTX served as a wake-up call for investors. This was the vast majority of whom had placed their confidence in cryptocurrency exchanges to protect their funds.
This confidence was betrayed, however, by FTX CEO Sam Bankman-Fried, who took millions from FTX consumers via a company called Alameda Research. Since then, a great number of exchanges have been required to publicly reveal wallet information as evidence of reserves.
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