Business

Crypto Company ‘Paxful’ staring down the barrel of a legal battle backed by escrow company

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Crypto holdings company ‘Paxful’ is staring down the barrel of fighting a legal battle backed by financial institution and escrow service, SKYNET Inc, and its subsidiary, SWAPD.

On September 23rd, a SKYNET spokesperson announced that Paxful had placed limitations on their account, resulting in client deposits being frozen, allegedly due to a Terms of Service violation.

In the morning hours of Friday the 24th, Paxful’s Search Engine Marketing has been taken over by pay-per-click ads taking people to SWAPD’s community warning about Paxful, rather than to Paxful’s service.

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Screenshot, SWAPD.co

In support logs shared by SKYNET’s spokesperson, Paxful claims that they do not know when they’ll be able to resolve the matter. This fiasco comes to light a year after Paxful blocked access to thousands of accounts belonging to crypto traders in Nigeria.

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