Verify a decision

{"actor":"system:backfill","investigation_id":"668471b1-7915-44d3-9cbe-c0abb6f8cae4","kind":"publish","page_slug":"noones","published_at":"2026-05-19T00:20:35.124Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Noones","sections":[{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]}],"sources_used":[],"summary":"Noones is a peer-to-peer cryptocurrency trading platform targeting Africa and the Global South, founded and initially led by Ray Youssef, co-founder of the now-defunct Paxful. In January 2025, the platform suffered an $8 million hot-wallet exploit that was concealed for nearly three weeks before on-chain investigator ZachXBT publicly exposed the breach. Compounding platform risk, Youssef was subsequently indicted by the DOJ in early 2026 on federal AML charges stemming from his leadership of Paxful, and stepped down as Noones CEO shortly thereafter.","timeline":[{"date":"2023-01-01","event":"Noones launched as a P2P crypto super-app targeting Africa and the Global South.","source":"","source_url":"https://forklog.com/en/noones-how-ex-paxful-chief-ray-youssefs-p2p-project-works/"},{"date":"2023-10-01","event":"Ray Youssef, former Paxful co-founder and CEO, announced as Noones CEO. Youssef directed Paxful users to transition to Noones following Paxful's 2023 shutdown.","source":"","source_url":"https://www.theblock.co/post/265896/paxful-co-founder-ray-youssef-becomes-noones-ceo"},{"date":"2025-01-01","event":"Noones hot wallets across Ethereum, Tron, Solana, and Binance Smart Chain exploited via a Solana bridge vulnerability. Approximately $7.9 million stolen. Platform issues routine 'maintenance' notice rather than disclosing breach.","source":"","source_url":"https://cryptoslate.com/noones-acknowledges-8-million-exploit-after-zachxbt-raises-concerns/"},{"date":"2025-01-24","event":"On-chain investigator ZachXBT publishes findings exposing the Noones breach, documenting hundreds of suspicious sub-$7,000 outflows and tracing funds to Tornado Cash.","source":"","source_url":"https://www.theblock.co/post/337004/noones-ceo-ray-youssef-8-million-exploit-crypto-sleuth-zachxbt-investigation"},{"date":"2025-01-24","event":"CEO Ray Youssef publicly confirms the January 1 Solana bridge exploit and attributes the delay in disclosure to ongoing remediation. Claims user funds are 'SAFU.'","source":"","source_url":"https://cryptoslate.com/noones-acknowledges-8-million-exploit-after-zachxbt-raises-concerns/"},{"date":"2025-01-01","event":"Noones reports surpassing 2 million global users.","source":"","source_url":"https://bitcoinke.io/2025/01/noones-surpasses-2-million-users/"},{"date":"2025-12-01","event":"Paxful pleads guilty to three federal criminal charges: conspiracy to promote illegal prostitution via Backpage, operating as an unlicensed money transfer business, and failing to maintain proper AML controls. Agrees to pay $4 million criminal fine.","source":"","source_url":"https://beincrypto.com/ray-youssef-indicted-doj-paxful-case/"},{"date":"2026-02-10","event":"U.S. District Court formally sentences Paxful in connection with its December 2025 guilty plea. FinCEN separately imposes $3.5 million civil penalty on Paxful.","source":"","source_url":"https://www.fincen.gov/system/files/2025-12/PaxfulConsentOrder.pdf"},{"date":"2026-02-14","event":"DOJ indicts Ray Youssef in U.S. District Court for the Eastern District of California on AML-related charges stemming from Paxful operations. Youssef is arrested after deportation from Mexico to Los Angeles.","source":"","source_url":"https://beincrypto.com/ray-youssef-indicted-doj-paxful-case/"},{"date":"2026-02-20","event":"Ray Youssef announces he is stepping down as Noones CEO, offering no public explanation.","source":"","source_url":"https://techpoint.africa/news/crypto-exchange-noones-confirms-ray-youssef-is-no-longer-ceo/"},{"date":"2026-02-26","event":"Noones officially confirms Youssef's departure as CEO via public statement, characterizing his legal matters as 'personal and unrelated to NoOnes.' No successor named.","source":"","source_url":"https://techpoint.africa/news/crypto-exchange-noones-confirms-ray-youssef-is-no-longer-ceo/"}]},"v":1}