Crypto Exchange CoinFlux Founder Extradited To US

| Publish date: 01/07/2019

In the latest cryptocurrency news, the founder of the CoinFlux digital currency exchange will reportedly be extradited to the United States following the decision from the Romanian Supreme Court. Vlad Nistor is accused by authorities in America of charges pertaining to fraud, money laundering, and organized crime.

The Extradition Battle

Back in December, news broke out that Nistor got arrested in Cluj, Romania. It turns out that he was apprehended courtesy of four agents from the United States Secret Services. Apparently, his arrest sparked a controversy in the European nation. There was even a report that said the participation of the said agents was deemed illegal as far as the Romanian law is concerned.

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US prosecutors said that Nistor was cheating and exploiting American citizens through their respective Bitcoin transactions. According to an official report, one of the Secret Service agents claimed that the CoinFlux founder helped a group in laundering money illicitly obtained through cheating.

For Nistor’s lawyer named Anatol Panzaru, this allegation made the agents is merely false. He even asserted that the aforementioned founder would not have any knowledge whatsoever about the money flowing through the firm being tied to criminality. The lawyer also argued that his client would not be extradited to the U.S., as the crimes the authorities suggested do not have a correspondent in the Romanian law.

CoinFlux Working On Returning Money

The arrest and upcoming extradition of Nistor put CoinFlux in a bad light. At the same time, it forced the exchange to transact light following the events. Trading, in particular, on the company’s official site is disabled. The decision to do so came after a team from the firm revealed that digital currency exchanges on its platform would be temporarily halted “due to a recently started, unexpected investigation.”

On December 15, CoinFlux published a blog post suggesting that it has taken steps that would help it return the money from CoinFlux wallets back to client bank accounts. Moreover, the exchange revealed that it already informed the MisterTango financial institution regarding customers who have blocked money on the crypto exchange. It even inquired for funds that needed to be returned to the owners in an expedient manner.

Furthermore, the CoinFlux team promised to put out future updates. Apparently, though, there has yet to be significant developments since the announcement. As a matter of fact, people on Twitter have been asking the exchange about details relating to the status of blocked funds.


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