Last year Celsius announced they were filing for bankruptcy, and as a result, Paxful users were unable to access their funds in Paxful Earn.
The collapse hurt countless users and damaged trust in our industry. Paxful, like many others, was paralyzed to act as we could not retrieve funds held by Celsius. Another hit came when the courts ruled that Celsius Earn Accounts belonged to Celsius’ bankruptcy estate, not to its users.
This didn’t sit right with me then, and it still doesn’t sit right with me today. Bitcoin is a tool for wealth preservation, and for many, this was money they depended on for their future. Earning your trust is an absolute honor and it’s a responsibility that I take very seriously.
That’s why I’m happy to announce that I’ve personally taken action and will be refunding all affected Paxful users—Celsius funds will be available in Paxful Wallet later this week.
Bitcoin is building a better financial system for the 100%—but in order to rebuild this, we all need to hold ourselves to a higher standard. That means offering transparency and putting users above financial gain—always.
Founder and CEO of Paxful