It is a visitor put up by Ray Youssef. Views expressed are his personal and don’t essentially replicate these of BTC Media or Bitcoin Journal.
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After I began out as an entrepreneur, I by no means thought armed males would in the future barricade themselves in my workplace or that my employees would resign as a result of they feared for his or her lives. However that’s precisely what occurred this previous January when my co-founder and former COO, Artur Schaback, stormed into our Estonian workplace with a pal and 4 armed thugs to demand cash.
The very first thing Schaback did when he arrived on the workplace was to demand that our chief of knowledge safety (CISO) give firm entry to Schaback’s pal, a shady character just lately launched from jail after being convicted of violent and monetary crimes, together with racketeering. Our CISO wouldn’t grant entry as a result of the individual was not an worker. Schaback then produced a doc which recognized the person as Schaback’s “enterprise advisor”. Artur demanded all of the petty money within the workplace (roughly 10,000 euros), and compelled one in all our accountants to signal a doc stating that she gave it to him willingly. He then tried to steal the private laptops of a few of Paxful’s senior workers, together with the CISO and CTO. After they refused, he held them hostage in a room with 4 armed goons for hours, regularly berating them for not relinquishing their private property. He additionally tried to realize entry to buyer funds.
Within the aftermath, the workplace was evacuated, two senior executives give up instantly, and lots of different employees subsequently resigned as a result of they feared for his or her security. A federal courtroom decide in the US, when made conscious of the incident, banned Schaback from coming into any Paxful workplace except he was supervised. How did all this occur? Why did the mild-mannered Estonian man I first met in 2015 go “full thug”, as one in all our employees described his actions on that day. Why was his entry denied within the first place? It’s a narrative that needs to be instructed. Although it pains me to share these non-public particulars, it’s vital that the entire reality is on the market so those that have executed the fitting factor for Paxful’s prospects are protected.
My finest guess is that Schaback’s solely curiosity in life is to earn cash. Once we first met he fooled me into considering we held the identical beliefs. That Bitcoin and peer-to-peer was a means to assist the little man and finish monetary apartheid. I now know this was full bullshit, as a result of numerous investigations and audits revealed that he stole about $25 million from the corporate. There may be concrete proof that he embezzled nearly $7 million earlier than his place as COO was terminated, and he stole a whole bunch of hundreds of {dollars} extra from the corporate after that. Nonetheless, his large rip-off was taking 600 BTC out of the corporate accounts which, at in the present day’s value, can be value about $18 million. All up, he siphoned off about $25 million from Paxful. Artur has a Ferrari, two different luxurious sports activities vehicles, and a yacht. It’s fairly clear how he acquired these property.
Though I didn’t comprehend it on the time, he started to steal cash after I used to be arrested in Estonia. Schaback has already talked about my arrest within the media, so I don’t thoughts telling the story, however I’ll embody the main points he conveniently forgot to say. The reality is that Schaback had a flat in Estonia the place I used to be crashing on the time. It was his flat, rented in his title, however he wasn’t dwelling when the police arrived and requested to look the flat. They discovered some testosterone powder — which was mine — and an entire bunch of different medication, which weren’t mine. I nonetheless don’t know why the police determined to knock on the door and search the flat that day, however, as I later found throughout an organization audit a number of years later, that was across the time Artur started taking cash out of the corporate. The Estonian authorities saved me detained for 3 months and examined me for medication, however discovered nothing. After I was launched, I returned to an workplace filled with incompetent new hires and a massively ballooned month-to-month spend. To today, I nonetheless marvel why I used to be the one arrested for medication present in his dwelling and why the raid even occurred. I just lately came upon that Schaback’s father is a former policeman, so possibly that had one thing to do with it. I don’t know. This was one in all many fires I needed to put out due to Schaback. One of many worst was in 2016 when he and his pal determined to wave round an AR-15 in broad daylight, prompting the Miami Seashore SWAT staff to pay us a go to. I needed to hold us from being killed, get us bailed out of jail, after which restore our fame.
It took some time for me to piece collectively every little thing that had been occurring as a result of a part of my job as Paxful CEO was to journey world wide and unfold the phrase about our mission. Whereas I introduced within the enterprise, Schaback’s job as COO was to run our places of work and ensure our merchandise served our prospects. It was solely when COVID-19 hit and I used to be compelled to come back off the highway that I noticed the extent of his greed, deceit, and incompetence.
The courtroom filings surrounding Schaback’s lawsuit are actually public document so folks know a part of the story, however they should know the complete story. They need to pay attention to the sequence of occasions that led to Schaback’s dismissal as COO and his cussed refusal to behave in the most effective pursuits of the corporate; an angle that led to the suspension of the Paxful market and the corporate being positioned into the arms of a custodian.
After I bought off the highway, Schaback regularly tried to persuade me to maneuver into De-Fi, to mess around with tokens, NFTs and “shitcoins”—this was lengthy earlier than the collapse of FTX. All his proposed methods centered on maximizing earnings slightly than serving to our prospects as a result of he noticed Paxful as one other crypto change taking advantage of hypothesis slightly than a peer-to-peer platform designed for actual use circumstances. Briefly, he needed to take Paxful in a route that opposed our mission. That didn’t imply our relationship was terminal—many companions disagree over technique or philosophy. The difficulty was that the deeper I dug, the extra I noticed we weren’t merely having a disagreement over technique or philosophy. Schaback cared solely about earning profits for himself and he didn’t care how he made it. I additionally found that he wasn’t a really good human being.
Along with my fixed wrestle to maintain Paxful aligned with our mission, I noticed that product improvement was stalling and that inefficiencies and incompetence had been widespread. Whereas I used to be on the highway bringing in enterprise, we went from a million to 12 million prospects, however Schaback and the product staff — his private hires — weren’t doing their jobs. Nothing illustrates this higher than the truth that our conversions dropped by 90%. Cease a minute and take into consideration that. This man oversaw a 90% drop, a miracle of stupidity that might be laborious to emulate even in the event you tried. Schaback was capable of cover the conversion information from me as a result of income continued to rise on the again of the greater than ten instances the extra visitors my boots-on-the-ground led initiatives introduced in. We must always have been making ten instances greater than what we had been beforehand making. KYC can’t be blamed as we noticed the identical drop within the West because the International South. A ten% drop would have been floor for dismissal however a 90% drop is past anybody’s comprehension. And it bought worse.
Other than the conversion catastrophe, he destroyed our reward card enterprise in Africa, nearly price us our cash transmitter licenses, and made such a large number of compliance — even after I had allotted him a limiteless funds — that individuals resigned en masse. I and different executives noticed; every little thing he touched turned to shit. The one widespread component in each Paxful catastrophe was Artur Schaback. Regardless of all of that, regardless of lots of our prime guys telling me that he was incompetent and out of his depth, I used to be loyal to him. He was my co-founder and, not less than till I knew higher, I assumed he genuinely had the corporate’s finest pursuits at coronary heart. I did every little thing I might to accommodate and assist him — even firing him as COO would have made him more cash as a result of he nonetheless owned 50% of the corporate and we might have been extra worthwhile with him out of the best way. However he rejected every little thing I attempted to do to assist him. I needed to take away him as Chief Product Officer to save lots of the corporate and the one factor he would settle for was COO, considering he would trigger much less injury. As Chief Working Officer he was even much less certified and he unfold toxicity at a good higher price. My efficiency evaluate for him was one out of 5 stars and, in comparison with what everybody else thought, I used to be being beneficiant. Nonetheless, as a substitute of taking the suggestions, he rejected each level and accused me of plotting in opposition to him though I used to be the one one defending him.
We carried out two simultaneous investigations, together with an audit initiated by Schaback that regarded into the funds of all the administrators, together with me. The outcomes of the investigations had been alarming. They revealed the misallocation or mislabeling of cash, overspending, defective product methods, overpayments to consulting engineers, and the misuse of funds attributable to nepotism, lack of oversight, and, in some circumstances, embezzlement. The corporate administration was shambolic. Authorized points had been mishandled and a few compliance questions raised by the DOJ weren’t being adequately addressed. Merchandise had been sabotaged attributable to incompetence and greed. Folks had been employed into positions with no job description, nor any clear reporting traces. Many had been Schaback’s mates, family, or associates and different “consultants” who labored on De-Fi or NFT tasks at a price of round $1 million every month. It’s no small irony that one of many findings of the audit report — initiated by Schaback himself — confirmed I used to be being short-changed. He had taken a lot money out of the corporate that Paxful owed me cash.
Maybe essentially the most damning proof of his greed and treachery is what one of many monetary audits uncovered. Schaback had misappropriated greater than $6.5 million from Paxful by submitting dummy invoices for work allegedly carried out by his Estonian firm, Kaizern, now going through a number of civil claims for underpaying taxes. In actuality, the work billed by Kaizern had been carried out by Paxful workers. Kaizern, by Schaback, lifted verbatim descriptions of labor carried out by Paxful’s inner groups and digitally cut-and-pasted these descriptions into Kaizern’s dummy invoices. I additionally suspect that Schaback accessed buyer funds immediately from the Firm’s BitGo cryptocurrency sizzling wallets and used them for private profit.
One of many first issues I did after I realized the extent of our issues was to speak to Schaback. His spouse was having a child, so I instructed him to take some paternity depart and permit Ame to attempt to resurrect the corporate. I had to try this as a result of so many employees instructed me they had been going to give up if he remained COO. Some folks had already left due to him. Nobody within the firm revered him. He was only a celebration boy who had destroyed the product division when the most effective folks couldn’t put up with him and left the corporate. The phrase usually used concerning the merchandise Schaback developed was “rubbish”. I heard that so many instances. Extra importantly, a number of the work he was doing positioned the safety of the corporate and of our buyer funds at grave threat. One of many govt testimonials referred to as one in all Schaback’s plans “borderline suicidal” for the corporate. I satisfied him to take some depart and tried to place every little thing again collectively. We wanted a brand new engineering staff, a brand new CTO, a brand new CPO, and I knew it was going to be an enormous turnaround operation. Most of the failures had been hidden, and since our conversions had fallen a lot our valuation plummeted; it dropped thus far that the corporate nearly didn’t survive. At one assembly, the VP of Finance stated we might go bankrupt inside six months after which instantly resigned.
There have been some good folks within the firm, however they had been being stunted by lack of alternative and — as I quickly found — they’d needed to work in an atmosphere so poisonous I contacted the corporate’s authorized counsel, McDermott, Will & Emery (MWE), one of the crucial revered regulation companies in the US. They suggested me to conduct a full investigation to look at the complaints made by employees. I didn’t know the place the investigation would lead, however when the reviews began to come back in, I noticed that overlaying for Schaback’s incompetence was one factor, however coping with his abusive and disgusting habits was unimaginable.
I couldn’t defend Schaback after the reviews had been delivered by the investigator. The man employed to look at the complaints was an ex-federal prosecutor and he went round speaking to folks in our workplace, asking questions, and taking testimonials. What our employees instructed him was stunning. So many good folks within the workplace had left or had been considering of leaving due to the poisonous tradition. Schaback’s nepotism had totally destroyed our engineering division. Many had been quitting in disgust over the outright fraud dedicated by him and his cohorts. Underneath Schaback’s safety, folks had been siphoning off firm cash by claiming an insane quantity of time beyond regulation pay – principally doubling their salaries. In each signed testimonial, workers instructed the investigator they might resign if Schaback got here again. Other than being handled badly, employees noticed firm cash wasted on lavish events, costly items, medication, and intercourse employees, and a number of the actual work we needed to do was being uncared for or executed haphazardly by individuals who didn’t have the competence to do their jobs. And the most important downside with our office tradition was Schaback. The investigator referred to as his habits “gross misconduct”. At a child bathe for him and his spouse, for instance, one in all Paxful’s senior executives (who has a baby with Down syndrome) provided his congratulations to Schaback and requested if he was excited on the prospect of being a father. Schaback replied, “I do know it’s not going to be a retard. It’s not retarded”. There have been reviews that he groped two very younger women who had fallen asleep after turning into drunk at a nightclub, provided Paxful employees intercourse employees he had employed to attend a celebration, and provided one other govt cocaine to “repair” his headache. At a London dinner with Paxful workers and different business folks, he overtly ordered intercourse employees from the desk after dinner. When he left, he stated, “Don’t fear. I’ll use safety”. All these particulars have been written in signed testimonials made by Paxful workers, however none can be a shock to anybody who labored within the Estonian workplace. It was widespread data that Schaback favored cocaine and intercourse employees. He was a celebration boy who thought he was untouchable. Unsurprisingly, Schaback refused to cooperate with the investigation, and MWE suggested the board that his employment ought to be terminated earlier than we misplaced all the nice folks within the firm. He was my co-founder and it was laborious to take such drastic motion, however after studying concerning the abusive habits detailed within the testimonials and the findings from the monetary audit, there was no different choice.
I provided Schaback $87 million and 5% of the corporate if he’d step down as COO and provides me full management. I instructed him it was the one probability to save lots of the corporate, however he turned me down. It was a surreal assembly as I regarded him proper within the eyes and instructed him that if he didn’t take the deal he would go down in historical past as “the stupidest motherfucker who ever lived”. He regarded me within the eyes and stated “I do know”. By that stage, all he appeared inquisitive about doing was accessing the recent wallets, usually placing stress on the opposite executives.
The deterioration of my relationship with Schaback prompted me plenty of ache, however he wasn’t doing what he ought to have been doing as COO — and worst of all he appeared to have deserted all of his rules. I attempted every little thing, providing him new titles after every failure. He went from CTO, to CPO to COO however he refused to take any non-chief place, even on the similar wage. All my efforts to reduce the injury he was inflicting failed. Schaback knew he was not measuring up as an equal co-founder and regardless of his guarantees to step down and rebalance issues, he broke his phrase each time. Wanting again, I see clearly that he was stalling for an exit, considering he can be “the richest man in Estonia.” He was additionally joyful to proceed spending cash he didn’t earn and to assist enrich his cousin and his cronies with ill-gotten features.
Even after we eliminated him there was plenty of work to do and my staff did an incredible job as a result of we had been racing from one emergency and hearth to the following simply to maintain Paxful collectively. In some methods it was a miracle that we bought the corporate again on the fitting footing. Nonetheless, Schaback was nonetheless a director and he nonetheless owned half of the corporate, and he continued to trigger issues. This culminated in a lawsuit he introduced in opposition to Paxful and me that finally compelled us to droop our market so as to defend our prospects’ funds. As a director of the corporate, the courtroom granted him authority to evaluate and approve funds over $50,000, and this sounded the loss of life knell of the corporate. He performed this silly sport of hen, withholding funds to suppliers with no regard for the corporate or our prospects. At one board assembly, he stated all our engineers and compliance folks had been “bogus”, and that I used to be robbing the corporate. The fact was our engineering employees stage was 20% smaller than underneath him and we stabilized the platform, but this actuality was disregarded in all of his claims. He refused funds to service suppliers and harassed and berated employees to such an extent that service suppliers refused to work with us and your complete govt staff resigned.
It’s simple to know the best way he thinks in the event you perceive what he’d been doing to the corporate for years. He principally accused me of doing what he’d been doing to feather his personal nest and preserve his lavish way of life. In a single assembly I pleaded with him for 3 hours. I instructed him that it was not secure to run a fintech firm with out engineers, compliance, safety, or operational employees. It was a no brainer, however he didn’t need to pay them. He stated, “It is going to be fantastic. Simply promote folks…” It was a surreal board assembly; even my lawyer stated he couldn’t perceive what was occurring. I used to be screaming widespread sense at Schaback and he utterly dismissed every little thing.
Lower than 24 hours later, our pockets began collapsing and I had no alternative. Prospects had been screaming about their cash and every little thing was able to blow up, so I referred to as an emergency board assembly and confirmed Schaback irrefutable proof that Paxful would collapse except he accepted funds to essential service suppliers for engineering and compliance help. He lastly agreed to take the engineering staff’s recommendation. The engineers stated all providers apart from the pockets ought to be suspended. We saved the pockets open so folks might entry their funds. The sport of hen solely got here to an finish when Schaback realized that Paxful didn’t have the 53 engineers he saved mentioning in his courtroom filings. Regardless of my finest efforts, the one factor I might salvage from the carnage that adopted was our prospects’ funds. The injury to Paxful’s fame was irreversible. Schaback had dragged everybody’s title by the mud. Then he got here out within the media and accused me of unilaterally closing down the corporate regardless of it being his insane sport of hen that left us with no engineers – even after three hours of my pleading with him. His courtroom filings had been filled with advert hominem assaults in opposition to me. His authorized ways had been scorched earth chaos and he even dragged my fiancée and our Basic Counsel (GC) into it. Our GC resigned in disgust and my engagement was referred to as off as a result of I needed to defend her. I don’t blame her for being afraid. Schaback’s ex-convict “advisor” Dennis was calling me regularly, demanding cash and my location, asking me to satisfy him in individual. This man is on document as having instructed somebody, when explaining his racketeering conviction, that he went to jail for “the identical factor the mob go to jail for”. With such a fame, along with his function within the $10K Estonian workplace shakedown, there was no means I used to be going to threat my fiancée’s security or enable her fame to be dragged by the mud—so we separated.
Schaback’s ways included forcing me to acquire new authorized counsel for myself and the corporate — thereby hoping that new firm counsel can be sympathetic to his trigger — spreading lies and misinformation on-line and to the media, and accusing me of getting plotted in opposition to him. He needed to take away the regulation agency that carried out the investigation so as to cowl his tracks. The reality is that my intentions have all the time been to make sure that Paxful fulfilled its mission by serving our prospects and remaining loyal to Bitcoin. Eradicating Schaback was a results of his efficiency as COO and its detrimental impact on the corporate. He was nonetheless a shareholder. I didn’t take him to courtroom, even after I noticed how a lot cash he was stealing from the corporate. And let’s be clear — the corporate was Schaback and me, so he was, in impact, stealing from me. The irony of all that is that he sued me after I was simply making an attempt to handle a course of. I used to be simply making an attempt to maintain a sinking ship afloat and Schaback was regularly firing missiles on the ship.
If I had not eliminated Schaback as COO, it’s uncertain Paxful would have continued for so long as it did as a result of the poisonous atmosphere he created in our workplace compelled good folks out and threatened the viability of the corporate. In the identical means, I thwarted his makes an attempt to get into “shitcoins” and NFTs as a result of it was in the most effective pursuits of the corporate and our prospects. I’ve all the time been a Bitcoin champion, and up to date historical past has confirmed that my unwillingness to observe Schaback’s choice for speculative methods in all probability gave Paxful one other two years of life and undoubtedly saved our prospects some cash.
The underside line is that Schaback was joyful to rob folks blind whereas taking Paxful down the identical shithole FTX went down. He fearful solely about one factor: cash. All his schemes had been designed to assist him fund his way of life. He accessed consumer funds and used firm playing cards as a result of our director salaries had been aligned with the opposite executives and weren’t sufficient to cowl his bills. He admitted as a lot by telling folks that, “I want the corporate card. I don’t dwell on my wage”. Earlier than I took it away from him, Schaback had entry and management of Paxful wallets (together with customers and earnings, which had been the identical wallets) so he was capable of withdraw funds immediately. He managed a finance staff who weren’t segregated of their duties, so nobody knew how monetary statements had been generated or how withdrawals had been accounted for, which is how he funded his lavish way of life. It was he who purchased a Porsche and a Ferrari, not me. He additionally purchased two yachts. I drive a Mini Cooper and have by no means owned a yacht in my life.
Ultimately, I noticed Schaback for who he’s — a scheming, grasping particular person who surrounded himself with shady characters inclined to assist him get what he needed. The previous Paxful worker he calls a “whistleblower” within the media was not fired as a result of she “blew the whistle” on my spending. That is simply one of many many verifiably false accusations in his courtroom filings. The reality is she was fired as a result of she used the authority given her by Schaback to take $60,000 from the corporate whereas she was on maternity depart, opposite to Estonian labor legal guidelines. That’s why she was fired. One other former worker who has spoken out in opposition to me within the media, Brian McCabe, was fired by Paxful HR due to a sexual harassment grievance in opposition to him. This disturbed particular person has tweeted that he “won’t ever cease chasing me,” and he has even tried to extort cash from me. He tormented the three girls he sexually harassed so as to forestall them from testifying in courtroom in opposition to him—and he additionally stole 18 bitcoin in buyer funds.These are the individuals who help Schaback, along with the thugs and goons he usually drags round in his Mercedes-Maybach.
The unhappy half about all of that is that Schaback prompted the downfall of one thing I really believed in. He wiped away every little thing that made Paxful particular, that made us totally different, that made us good. He doesn’t care about folks and that was the massive distinction between what he needed and what I needed. Far worse has been executed than I can say proper now. Schaback did issues that would have compelled your complete firm to be shut down, and the one cause Paxful’s monetary scenario isn’t worse is as a result of I didn’t withdraw the “administrators charges” he did. The sheer stupidity of initiating a lawsuit regardless of the path of destruction he left behind is mind-numbing. The previous 4 months of litigation has been like enjoying chess with a monkey who has a bazooka. The bazooka is the outright criminality he dedicated and that would convey the load of the federal government down on us and harm our prospects. Nobody on our authorized staff has ever seen something prefer it. One described the case as a “divorce from hell”, with the opposite facet refusing to just accept something affordable. Each relationship with our suppliers, engineering and compliance particularly, has been totally destroyed. Even my engagement was not spared.
Nobody understands what the combat has been about since Schaback and I mutually resolved in a November 2022 board assembly to dissolve the corporate, having agreed it might not stay worthwhile if we had been to exit markets deemed dangerous underneath American compliance legal guidelines.
The plan was to do the required work to unlock the $4.5 million in funds nonetheless suspended by compliance. Artur once more went again on his phrase and sued to overturn what he’d agreed to, claiming in courtroom paperwork {that a} dissolution would forestall a “9-figure exit”. His lawsuit bankrupted the corporate and destroyed any probability of us with the ability to free-up these suspended consumer funds. It additionally took down the pockets when he refused to pay our engineers. I had the toughest two weeks of my life, sleeping lower than two hours a day, as I struggled to get our pockets again up amidst loss of life threats and large consumer ache. I provided to offer him all my shares for one satoshi if he would decide to the compliance work wanted to unfreeze consumer funds, however he refused. If he noticed no worth within the firm, what was the purpose of the lawsuit? We had been all left shocked. It defied logic. Why proceed to combat and attempt to reopen {the marketplace} if he doesn’t see worth within the firm? Why endanger consumer funds on a platform that has solely a skeleton crew of engineers and no compliance? I resigned as CEO and now haven’t any management over Paxful. All I might do on the time was to place my shares right into a belief to make customers entire. Even that’s being blocked and we’re once more left combating for nothing. The outdated saying “higher to have a sensible enemy than a silly pal” hits dwelling right here.
Paxful is now unable or unwilling to pay its suppliers, service suppliers, and a few employees who’ve been terminated. I do know this as a result of lots of the folks affected have reached out to me to attempt to get their cash. I can’t assist them and that hurts me. I’ve all the time tried to face up for the little man and these individuals are hardworking respectable individuals who did work with the expectation of being paid. They don’t seem to be buyers or banks who loaned cash to Paxful. In reality, I’ve by no means owed cash, purchased items on credit score, or taken on debt in my life. I’ve by no means had a mortgage. It hurts to see the corporate I constructed go down this path whereas I can’t do something due to all of the authorized shit Artur has introduced down on me. All of it might have been averted if Artur had caught to the plan we agreed in November final yr. Had he not been grasping about getting his “9-figure exit deal,” the suppliers would have been paid, employees would have obtained their severance packages in full, and all our customers would have been made entire.
In the meantime, I’m in limbo, spending most of my days coping with attorneys. And though I used to be compelled to resign as CEO, evidently Artur desires to stay connected to me it doesn’t matter what I do sooner or later – that’s what I hear from his attorneys. They even requested questions on whether or not the Civ Equipment white paper I co-wrote belongs to Paxful. While you notice that the Civ Equipment is a non-profit, open-source challenge, you get some concept of the extent this man will stoop – and the way silly he’s. All I would like is to be freed from this man, however he appears to suppose we’ve got a 50-50 partnership for all times. I assume once you’re an asshole with out expertise your choices are restricted.
Regardless of the courts resolve, my conscience is evident and my mission continues.
I do know that God will all the time change what you might have misplaced with much more. I put every little thing into Paxful and stroll out with nothing, but I take into account myself the richest man alive as I’ve the belief of the people who find themselves serving to me with my mission.
The subsequent chapter will likely be world altering, God keen.
This text is featured in Bitcoin Journal’s “The Withdrawal Challenge”. Click on right here to subscribe now.
A PDF pamphlet of this text is on the market for obtain.
It is a visitor put up by Ray Youssef. Views expressed are his personal and don’t essentially replicate these of BTC Media or Bitcoin Journal.
