It seems the ripples of the FTX Collapse are still ongoing, as, on Dec 21st, Ray Youssef, Founder of Paxful, an American peer-to-peer crypto trading platform announced the delisting of ETH from its platform.
In his announcement, he claimed, ‘revenue is good, but integrity trumps all.’ Ray claimed “economic apartheid” as the world’s biggest problem and one which leads to “all of humanity’s pain”.
The Paxful CEO also says he would like to see a world where ‘Bitcoin frees billions of people held back by this evil system,’ and to him, the most affected are those living in what he calls ‘the global south.” Ray stated it was this vision that drove him to build Paxful.
— Ray Youssef (@raypaxful) December 21, 2022
Discussing the reasons he delisted ETH, he cited a couple of reasons:
- First among his reasons is Ethereum’s migration from Proof-of-work to proof-of-stake. To Ray, Proof-of-Work is the only feature “that makes Bitcoin the only honest money there is, while Proof-of-Stake has made ETH become essentially a digital form of fiat.
- Next, Ray claims that since ETH is not decentralized, it is controlled by a small group of people. He posits that users will one day need permission to use the ETH network.
- Also, Ray says that though ETH has some use cases, such as credit and lending, it thrives majorly from tokenizations and Ray claims that most of the tokens that ETH has ‘spawned’ have been mostly scams that have robbed users of billions in assets.
The crypto industry is “under attack”, Ray said and it’s out ‘responsibility’ to protect the interests of users.
This comes days after an initial tweet by Ray, where he emphasis on integrity comes amid the ongoing FTX saga, which has plunged the crypto industry into deep turmoil. FTX’s bankruptcy and the series of events that led to it have caused investors to lose trust in centralized crypto exchanges and their tokens.
Working to remove eth from our marketplace. Revenue is nice but integrity trumps all https://t.co/k57ZYgGdqT
— Ray Youssef (@raypaxful) December 12, 2022