Transparency is one of the core tenets of Bitcoin. In honor of this ideal, I want to be as transparent as I can be around what’s happening behind the scenes at Paxful.

Currently, my co-founder and I are in a deadlock around the direction of the company. Given his track record, I do not trust him to have access to or control over user funds. We agreed to have Srinivas Raju, of Richards, Layton, and Finger (appointed by court order) to be the custodian of Paxful through this process. As custodian, Srini has full authority and control of the company, its operations, and its management. Over the next month, Srini will try to help stabilize Paxful while preparing a recommendation to the court regarding how the business should proceed. Srini is considering all possible recommendations for Paxful’s future as a business.