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CoinFlux, one of the biggest crypto exchanges and firms in Romania, has issued a message to its clients notifying them that digital currency trading and other activities within the crypto exchange have hit an unexpected halt due to an ongoing investigation of the authorities.
The message states that the recent development has led to the freezing of the company’s account, affecting the firm’s wallet and other activities. The company also lost the right to their communication channels – e-mail and website – which necessitated the use of another public channel to pass the message.
Alexandru Coman from CoinFlux attempts to explain to the company’s clients the unfortunate situation and promises them that all hands are on deck as they work towards restoring normalcy in the firm in a few days. Coman also assures the clients that they and their legal team will ensure every last cent that belongs to a crypto-investor gets back to his or her wallet.
This message came a few days after the Chief Executive Officer, Vlad Nistor, was arrested in Cluj-Napoca. The arrest was reportedly sanctioned by the United States and news has it, although not confirmed yet, that the suspect has been extradited to the United States to face the counts leveled against him. The 29-year-old founder of CoinFlux, who is being rumored to be the son of one of the founders of Romania’s second-largest financial firm Banco Transilvania, is being accused of several financial crimes ranging from fraud, computer fraud, money laundering, and racketeering.
The extradition has received a fair share of criticism as some people maintain that no one knows the reason why Vlad Nistor was accused and that his legal team has no idea what to build their case on. They ask that Nistor be allowed to exercise his human rights and his right to an equitable judge.
The Romania-based crypto firm was established in 2015 and has since struggled to grow to a reasonable level in the crypto market food chain. According to a Fortune report, the company which deals mainly with trading digital currencies such as Ethereum, Ripple, Ethereum Classic, and Bitcoin, recently received a $35 million funding from some China-based internet companies, including Sequoia China, to foster its growth in the industry.
As of the time of compiling this article, information regarding the arrest and extradition of CoinFlux’s CEO is yet unclear. We promise to bring you more information as events unfold.