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
- Will Crypto Market Crash as Over $27B in Bitcoin, ETH, XRP, SOL Options Expire Today?
- Trust Wallet Hack Update: CZ Speaks Out on $7M Loss, Promises Support
- Trust Wallet Hack: Users Hit as Hacker Drains BTC, ETH, BNB
- Binance Founder CZ Reacts as BNB Chain Dominates Ethereum, Solana In This Metric
- Mike Novogratz Credits XRP Army for Token’s Relevance as ETFs Maintain Inflow Streak
- FUNToken Price Surges After MEXC Lists $FUN/USDC Pair
- Bitcoin Price on Edge as $24B Options Expire on Boxing Day — Is $80K About to Crack?
- Crypto Market Rebounds: Are Bulls Positioning for a Santa Rally?
- XRP, Bitcoin, Ethereum Price Predictions Ahead of Jan 2026 CLARITY Act and US Crypto Reserve Plans
- Pi Network Analysis: Pi Coin Price Surges on Christmas Eve, Can It Hit Year-End Highs?
- Why Dec 26th Is A Do Or Die for Bitcoin Price Ahead Of Record Options Expiry?
