Claim $500Crypto Marketplace Paxful Delists Ethereum Over ‘Honesty’ Issues, Here’s Why
Ethereum Paxful Delisting News: Crypto marketplace Paxful on Wednesday said it took off Ethereum its marketplace. The company cited issues around integrity of the blockchain network. The decision to delist ETH comes at an immediate effect on the platform, the company CEO Ray Youssef said. The CEO cited the blockchain network’s switch to the proof of stake mechanism from proof of reserves.
Also Read: Ethereum (ETH) Price Yet To Price-In Massive Collaboration News?
“Ethereum Is Not Decentalized”
The Paxful CEO said Ethereum is not decentralized and that it is controlled by a group of people. The claim could have huge repercussions for Ethereum, which is the second largest cryptocurrency by market cap. While Youssef said Ethereum has utility in use cases in finance like credit and lending, he criticized the blockchain’s tokenization model. Ethereum spawned tokens that are scams that have robbed people of billions, he stated in a statement. He added that the ETH tokens stole valuable momentum away from Bitcoin.
“ETH is not decentralized. It is controlled by a small group of people and one day you will need permission to use it.”
He said in a tweet,
“We finally kicked Ethereum off our marketplace. 11.60 million humans safer. Integrity over revenue. Who is next?”
The Ethereum (ETH) is yet to price in the benefit of its switch to the proof of stake consensus, as predicted by Vitalik Buterin prior to The Merge. As of writing, ETH price stands at $1,213, up just 0.03% in the last 24 hours, according to price tracking platform CoinMarketCap.
Also Read: Ethereum Price Prediction: Popular Analysts Suggest Best Level To Buy ETH
Know More: Explained: What is Physical NFT? and How to Sell Physical Items as NFT
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Saylor’s ‘Back to Orange’ Signals More Bitcoin Buys as $100K Odds Crash to 1% for 2025
- Trust Wallet Hack Claims Portal Launches After $7M Chrome Extension Breach
- Tom Lee Sees Ethereum at $7K–$9K by 2026 as BitMine Stakes $1B ETH in Just 2 Days
- ECOS Review: Hosted and Managed ASIC Mining Service Provider
- Peter Schiff Warns Bitcoin Could Mirror Silver’s Rise In Reverse
- Is $1 Dogecoin Price Technically Possible in 2026?
- Bitcoin Price Year-End Prediction: Analysts Highlight Key Levels Before 2025 Close
- Pi Network Price Holds $0.20 After 8.7M PI Unlock, 19M KYC Milestone-What’s Next?
- XRP Price Prediction Ahead of US Strategic Crypto Reserve
- Ethereum Price Prediction Ahead of the 2026 Glamsterdam Scaling Upgrade – Is $5,000 Back in Play?
- Cardano Price Eyes a 40% Surge as Key DeFi Metrics Soar After Midnight Token Launch
