I made this topic sometime in December about how Paxful CEO warned users to be responsible for their coin. here they are today having internal Crisis that might lead to a shot down of their peer to peer market.
Be responsible for your coin.
Recently Paxful co-fonder Artur Schaback sued Youssef the CEO of paxful and the company for been kicked out of the company more than a year ago which has resulted in closure of the exchange. This time there might be no panic for their customers as customers have access to retrieve their funds now they have the opportunity. But what happens to those who don't get the information in time maybe when the exchange is completely closed and all activities seized
sourceNo matter how the CEX tries to stand out from the rest the fact they have a access to people to peoples funds and they have a central deciding body they cannot be too far from the worst the crypto market have experienced. No exchange is too big to fold and close down. The evidence that self custody is the most reliable keeps proving itself.
So far as of June 2022 not fewer than 525 exchanges has closed down their activities across different nations for various excuses according and the most common been the pressure from the bear market according to CoinMarketCap and July alone in 2022 recorded 25 closed exchanges. It is really hitting heavily on exchanges, An effect of poor reserve.
Outside the Crypto firm NFT platform Open resulted in cutting down 20% of their workforce due to the harsh market condition. It is hitting from all nook and corner of the digital asset.
