Romanian cryptocurrency exchange CoinFlux is in trouble

According to local news sources, Vlad Nistor, CEO of the Romanian cryptocurrency exchange CoinFlux, was arrested a few days ago and faces extradition to the United States in the near future.

Nistor will be charged with fraud, hacking, money laundering and possibly charging double commissions. It should be noted that Coinflux is not a well-known cryptocurrency exchange, the exchange's trading volumes are so small that they are not even registered on Coinmarketcap. However, the arrest of any cryptocurrency exchange executive could damage the reputation of the cryptocurrency markets as a whole.

The editors of a local Romanian newspaper seem to believe that the arrest and extradition are not based on sufficient grounds:

Vlad Nistor was arrested yesterday morning, handed over to the US Secret Service this evening, and tomorrow they want to send him to the US. The Romanian authorities do not object to the extradition of their own citizen to another state, although only the first stage of the criminal investigation is currently underway. Nobody knows why he is accused (yesterday even the lawyers did not know how to build a defense). These events are contrary to human rights, the rights of citizens to a fair trial and equality of arms.

Coinflux's bank accounts were officially frozen. The exchange appears to have previously denied the CEO's arrest on social media, but has now admitted that an investigation is underway. In particular, the Coinflux team stated that the exchange is in the “unpleasant situation of temporarily stopping all operations.”

The Coinflux exchange positions itself as a platform for buying, selling and trading well-known cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC). There is currently an announcement on the website that trading is temporarily unavailable.

According to cryptocoinspy.co