crypto
Ex Paxful CEO Warns Users to ‘Stop Trading’, Are Their Funds At Risk?
Published
12 months agoon
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admin![](https://blocknewsmedia.com/wp-content/uploads/2023/07/paxful.jpg)
Paxful, founded in 2015, has established itself as one of the world’s prominent peer-to-peer Bitcoin marketplaces, with a strong mission to enable financial access for individuals globally. Boasting an extensive user base of 9 million and offering over 350 payment options, the platform has garnered substantial popularity.
However, on July 7, Ray Youssef, the former CEO of Paxful, conveyed a message to the platform’s users, urging them to cease trading activities.
Financial Instability And Comparisons To FTX Collapse
Youssef expressed concerns about the current state of Paxful, claiming that the company is now solely focused on paying legal bills and cautioned that no African or non-American should trust any IS corporation. These warnings from Youssef were prompted by reports that Paxful had removed the reserve funds amount from the platform’s status page.
Related Reading: Paxful CEO Says He Has ‘Lost’ 5 Bank Accounts
Reserve funds are often savings accounts or highly liquid assets placed aside to cover unforeseen financial responsibilities, and Youssef believes that Paxful’s lack of reserves puts the company at risk of financial instability. Without these funds, Paxful may struggle to manage cash flow fluctuations, fulfill immediate financial obligations, or respond effectively to emergencies. Consequently, this situation has the potential to jeopardize Paxful’s survival.
Youssef also concurred with a Twitter user who compared Paxful and the collapse of FTX. The user highlighted that FTX, despite being one of the world’s largest cryptocurrency exchanges at the time, had filed for bankruptcy. This collapse was triggered by Changpeng Zhao, the CEO of Binance, announcing that his exchange would be dumping its FTT Token holdings, amounting to around $2 billion. The bank run that followed this announcement opened up a web of lies and mismanagement that led to the eventual collapse of the exchange.
The announcement caused a sharp decline in the price of FTT and generated concern among investors. As a result, traders hurriedly withdrew their funds from FTX, leading the company to confront a substantial $8 billion shortfall.
To prevent a similar case like FTX bankruptcy, Youssef advised Paxful users to withdraw their funds until further investigation is conducted to uncover the truth behind the situation.
By taking control of their own cryptocurrency assets, users can mitigate potential risks and ensure the security of their investments
Related Reading: FTX Puts Sale Of $500 Million Stake In AI Firm Anthropic On Hold
Youssef’s Concerns And Allegations Post-Departure From Paxful
Trading on various P2P marketplaces, including Paxful, was temporarily suspended in early April due to regulatory reasons. When Paxful announced the resumption of services, Ray Youssef, who had already left the organization, expressed his uncertainty regarding the current state of affairs and emphasized his inability to vouch for anything happening within Paxful.
Since he departed from the exchange, Youssef has been actively promoting Civkit, the platform he founded. While many of his followers have praised his efforts, accusations have labeled him an attention seeker. Additionally, some individuals have accused him of leveraging his influence to undermine competitors and rivals in the industry.
Featured image from Shutterstock, charts from TradingView.com
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Altcoins
Is Dogwifhat (WIF) Out? Price Tanks 15% On Whale Exodus
Published
2 days agoon
July 6, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/a_3e3af0.jpg)
Dogwifhat, the once-high-flying Solana-based meme coin, suffered a brutal week, mirroring a broader crypto market correction and raising questions about the sustainability of the meme coin craze.
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Meme Coin Mania Meets Market Mayhem
WIF, the token powering Dogwifhat, saw its price plummet 15% in just 24 hours. This dramatic drop erased all the gains from a recent rebound rally. The sell-off wasn’t isolated to Dogwifhat; the entire crypto market experienced a double-digit tumble, with major altcoins like Ethereum and Cardano feeling the heat.
Analysts point to a combination of factors behind the downturn, including renewed concerns about inflation and a recent sell-off by the German government and Mt. Gox, a defunct cryptocurrency exchange.
The price of $WIF dropped 15% as the market fell.
A whale deposited 900K $WIF($1.64M) to #Bybit 10 hours ago, leaving 974K $WIF($1.76M).https://t.co/qJwlxcWy15 pic.twitter.com/amIkvwKfNG
— Lookonchain (@lookonchain) July 4, 2024
The pain for Dogwifhat was further amplified by a whale of a different kind: a large investor. LookOnChain, a blockchain whale tracking agency, identified a major Solana whale dumping 900,000 WIF tokens in a series of transactions. This fire sale, amounting to roughly $1.64 million, undoubtedly contributed to the downward spiral.
Dogfight On Derivatives: Bulls Trampled, Bears Feast
While the Spot market witnessed a bloodbath, the WIF derivatives market displayed a curious mix of activity. Trading volume surged by a surprising 25%, propelling Dogwifhat to the coveted title of third most-demanded meme coin behind Dogecoin and Pepe Token. This surge in volume might suggest increased interest, but a closer look reveals a different story.
Lurking beneath the surface was a brutal battle between bullish and bearish investors. More than $3 million in WIF positions were liquidated in the last 24 hours. This liquidation primarily targeted long positions, meaning investors who bet on the price going up were forced to sell at a loss as the price plummeted.
While some might see the increased volume as a sign of potential revival, the liquidation figures paint a starker picture – many bulls got trampled by the bears feasting on the market downturn.
A Buying Opportunity Or A Boneheaded Move?
Despite the carnage, not everyone has lost faith in Dogwifhat. The plummeting price has attracted some opportunistic “Solana whales” who view the current price as an attractive entry point. This glimmer of hope hinges on the possibility that Dogwifhat can recapture its past glory.
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In Q1 2024, Dogwifhat was a meme coin darling, riding the wave of the meme coin craze to a $4 billion market cap and a place in the top 30 global crypto rankings. However, the recent downturn serves as a stark reminder of the inherent volatility of meme coins, which often lack the utility or strong fundamentals of established cryptocurrencies.
The future of Dogwifhat remains uncertain. Whether it can claw its way back from the doghouse or fade into obscurity depends on several factors, including broader market trends, community support, and potential developments within the Dogwifhat ecosystem.
Featured image from Shutterstock, chart from TradingView
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Altcoins
Solana-Based Memecoin Defies Market Downturn, Jumps Over 30% in 24 Hours Amid Listing on Multiple Exchanges
Published
3 days agoon
July 5, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/ethereum-project-jumps-adds.jpg)
One Solana-based (SOL) meme asset is defying market doldrums and rallying after being listed on numerous crypto exchange platforms.
New data reveals that Billy (BILLY), a dog-themed memecoin built over Solana, has jumped over 30% during the last 24 hours after multiple crypto exchange platforms added support for it.
The crypto exchange platforms that listed Billy include Bittrue, Bitget, MEXC, and Gate.io, who all announced support for the meme asset earlier this week.
Billy is trading for $0.1659 at time of writing, a 36% gain during the last day. On June 26th, Billy was moving for just $0.0286.
Billy, which was launched earlier this year in June and features a picture of a puppy, is outpacing other prominent meme assets during the market’s current consolidation period, which has caused sharp decreases across the board.
Other dog-theme assets, such as dogwifhat (WIF), Shiba Inu (SHIB), Bonk (BONK), and Dogecoin (DOGE), are trading for $1.91, $0.000014, $0.000023, and $0.1046 at time of writing, respectively.
However, DOGE, WIF, SHIB, and BONK are all down between 30-40% during the last month while BILLY is up a staggering 150% during the same time frame.
According to data from blockchain tracker Dexscreener, Billy’s market cap is sitting at $161 million at time of writing while its 24-hour volume is at $24.6 million.
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Altcoins
20% Price Drop Follows $87 Million Spending Outrage
Published
4 days agoon
July 5, 2024By
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The winds of change are swirling around Polkadot (DOT). After a month-long slump that mirrored a broader cryptocurrency market downturn, DOT finds itself at a critical juncture.
![](https://www.newsbtc.com/wp-content/uploads/2024/07/DOT.png?resize=999%2C65)
Technical indicators hint at a bullish reversal, with some analysts predicting a significant price surge for the interoperable blockchain darling. However, a recent spending spree by the Polkadot Foundation has cast a shadow of doubt, leaving the community divided.
Falling Wedge Hints At Breakout, Analysts Eye $9 Target
As technical analysis presents a potentially hopeful picture, DOT holders’ hope wavers. On the daily chart, a “falling wedge” pattern—historically a bullish indication—has been observed. This pattern suggests a price squeeze between converging trendlines, often culminating in a sharp breakout.
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Renowned analyst Jonathan Carter pinpoints $6.50 as the key resistance level. A decisive break above this point could trigger a surge in buying pressure, propelling DOT towards his projected profit targets of $7.75 and even $9.00.
Polkadot forming falling wedge on daily timeframe💁♂️
Key resistance at $6.5 – need to break for bullish structure☝️
Consider setting profit targets at $7.75 and $9.00 levels🎯 pic.twitter.com/OwPVFaPZyD
— Jonathan Carter (@JohncyCrypto) July 3, 2024
The falling wedge pattern and increasing trading volume suggest a potential breakout is imminent. A successful breach of the $6.50 resistance could signal a significant shift in market sentiment, paving the way for a substantial price increase.
Buoying this optimism is the Relative Strength Index (RSI), currently hovering around 48.65. This neutral level indicates that DOT is neither overbought nor oversold, leaving room for further upward momentum.
Polkadot Foundation’s Spending Spree
However, a recent spending spree by the Polkadot Foundation has injected a dose of skepticism into the bullish narrative. Earlier this year, the Foundation burned through a staggering $87 million, leaving its coffers with a significantly reduced balance.
![](https://www.newsbtc.com/wp-content/uploads/2024/07/A_ff2122.png?resize=736%2C326)
The breakdown reveals $36.7 million allocated for advertising and events, $15 million for trading platform incentives, and $23 million for development. While the Foundation maintains these investments are crucial for boosting network visibility and adoption, community members are not convinced.
Many point out that despite the hefty spending, Polkadot continues to lag behind competitors like Ethereum and Solana in key metrics like network activity, developer engagement, and total value locked (TVL).
![](https://www.newsbtc.com/wp-content/uploads/2024/07/A_d70070.png?resize=883%2C597)
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The spending seems excessive, especially considering the lack of tangible results, some community members on the Polkadot forum said. The blockchain needs to see a better return on investment before the Foundation throws more money at marketing campaigns, they said.
Will Spending Concerns Spook Investors?
The coming days will be crucial for DOT. If the technical indicators hold true and the price breaks above $6.50, a significant rally could be in the cards.
However, the community’s concerns about the Foundation’s spending habits cannot be ignored. If these concerns translate into a broader sell-off, the potential breakout might fizzle.
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