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PAXFUL CEO and CTO Arrested With Guns And Cocaine In Miami

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On Friday 16th September, PAXFUL CEO Mohamed Yousseff and CTO Artur Schaback were arrested in Miami, Florida together with their acquaintance Ivan Suhharev. The trio was seen posing for pictures with an AR-15 machine gun on the balcony of Yousseff’s Miami Beach penthouse apartment. Neighbors and passersby that witnessed the event alerted the police. The police subsequently arrived at the scene to set up a perimeter and arrest the suspects.

According to the police report by the Miami Police Department, Schaback and Suhharev took an AR-15 onto an apartment balcony at 1100 Collins Ave. on Friday at approximately 2.55pm. Schaback held the AR-15 machine gun while wearing a mask over his face to pose for pictures taken by Suhharev. A witness who called the police stated that the suspect was pointing the firearm towards the street and looked as if he was pointing it at local residents and tourists passing by.

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Upon entering the apartment, police officers found a switchblade knife, an AR-15 machine gun with 500 rounds of ammunition, and containers with suspected hashish and cocaine and took the men into custody.

Artur Schaback and Ivan Suhharev, have been charged with improper exhibition of a dangerous firearm. Mohamed Yousseff has been charged with possession of cocaine and possession with the intent to sell hashish. The three men have been released on bail the next day and are awaiting trial.

According to the men’s social media profiles, this is not the first occurrence of the trio posing for pictures with machine guns. The police further stated that it would investigate the legality of Youssef’s firearm and the ammunition found in his possession.

While Paxful is not a large exchange as compared to heavyweights such as Bitfinex, some bitcoiners in talk forums have suggested that the price of Bitcoin may slide downwards as a result of this development, but has so far remained strong above $600, while others only anticipate a small dip in the price.