CoinFlux’s CEO Arrested for Fraud; Company Stops Operations

CoinFlux’s CEO Arrested for Fraud; Company Stops Operations

Romania-based crypto exchange CoinFlux has stopped operations following the arrest of its CEO Vlad Nistor for fraud, organised crime, and money laundering according to a report published by Romanian news Mediafax.

Nistor was arrested at the request of United States prosecutors, who are demanding his extradition To US. CoinFlux’s CEO is a 29 years old entrepreneur.

CoinFlux is the largest Romanian crypto exchange with more than 200 million euro worth in transactions of Bitcoin, Litecoin, Ethereum and Ripple. It was founded in 2015 in Cluj.

Following Nistor’s arrest, CoinFlux announced the suspension of all digital currency exchanges and the freezing of all its accounts, which affect crypto wallets.

“Due to a recently started, unexpected investigation, we are in the unpleasant situation of temporarily stopping any digital currency exchanges,” the announcement published in CoinFlux website says. “Unfortunately, our company’s bank accounts have been frozen, situation which affects the CoinFlux wallets as well.”

The website says that they will get back with updates, “we are aware that this is a worrisome situation for the people who have placed their trust in our service, and we assure each and every one of them that we will do everything that’s up to us to fix this unfair situation.”

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