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Drugs, Erratic Dismissals and Feuding Founders: Behind Bitcoin Marketplace Paxful’s Unraveling

Founded in 2015, Paxful became one of the most popular places to buy bitcoin in Africa and other emerging markets, and it had more than 200 employees. Behind the scenes, though, staff took paid trips to music festivals, bosses fought, dismissals reportedly occurred on a whim, and the smell of cannabis permeated the office.

Paxful CEO Ray Youssef (left) and COO Artur Schaback, in a September 2016 photo taken in Las Vegas, according to a tweet from the company. (Paxful)
Paxful CEO Ray Youssef (left) and COO Artur Schaback, in a September 2016 photo taken in Las Vegas, according to a tweet from the company. (Paxful)