Paxful CEO Dismisses Allegations of Customer’s Data Breached

Ray Youssef, the Paxful CEO

April 11, 2021

Reading Time: 2 minutes

Ray Youssef, the Paxful CEO, sent a tweet dismissing all the allegations going around that employee’s data has been leaked. He termed the circulating news about the data breach as fake, as no user data has ever been reported, and no user has ever suffered the same. To clarify what was happening, Youssef said the so-called data breach is possibly one of the old employee records from a payroll site no longer in service.

One of the sellers by the name Mafufi on Raid Forums was peddling the so-called database with all the personal information of approximately 4.8 million Paxful customers and employees in many ways was difficult to verify the breached data. The seller claims to have email addresses, birth dates, first and last names, addresses, and passwords of all Paxful customers.

Today, Mafufi demanded 1 BTC that is about  $58,000 for the whole database, after posting a sample of employee data on the Raid Forums.

Youssef’s report validates some of the reservations Mafufi faced when trying to sell all the personal information breached from Paxful. Clients pointed out that 1 BTC for the entire database seemed too low, and to add on, Paxful had not made any reports of being breached.

Raid Forums managing director intervened on the whole process, warning all users to deal with caution.

These claims by Mafufi caused a lot of tension on Twitter, with some users worried about their personal information leaking to the entire general public.

Mafufi’s allegations were extra proof that anti-money laundering and know-your-customer regulations, which require customer data collection, can leave the information exposed.

To test the truth about the allegations, one of Raid Forum users stated that this was pure blackmail with invested interests after the seller, Mafufi, failed to parse one user information from the entire database he asked for. He assured everyone not to worry since this was all a scam.

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