So the guy knew he was on his way out and just decided to stab his soon-to-be-former company in the back? Pretty crappy behaviour that could (and likely did) result in unnecessary panic among their customers.
If he had a problem with other people in charge, he could just go to court without resorting to public drama.
Anyhow, looks like it's all in the past, the site is live and the latest news relating to Paxful are from May, saying their back online after temporary suspension.
He probably had an inkling. Hence, Noones and the fact that Paxful log in details could be used for Noones. And this announcement of a new platform was already included in the announcement of the suspension of Paxful.
Stab in the back could be what happened. He tried to fight for Paxful but he was also ready with his own life boat at the same time, in case the ship sinks. And when his co-founder took over Paxful, he attacked it.
Yeah, this is all in the past, but Paxful was never the same Paxful after all the drama. It came back but scathed.