CoinFlux Halts Activities after CEO’s Arrest
The CEO of CoinFlux, a Romanian bitcoin exchange, Vlad Nistor has been arrested dfor cases of money laundering and other crimes and is currently fighting extradition to the United States.
Last week, CoinFlux posted through Medium.com that they are unable to access parts of their platform including those which would allow them to deliver information in the usual way. Part of the post reads:
“Another unpleasant consequence of the investigation is the fact that our access to some parts of our platform has been restricted, thus we are unable to send this announcement through the usual communication channels: e-mail and website. Our expectation is that we will gain control back, within the next days.”
The memo states that they were working on regaining access to exchange funds so they could determine what the next course of action would be. Currently, they remain legally disallowed from doing any sort of cryptocurrency exchanges.
The exchange posted another update on Saturday saying that they are working with the financial institution who manages all of their bank accounts, MisterTango, to have all funds returned to clients.
The update reads:
“We’ve sent MisterTango (the Financial Institution hosting our frozen bank account) a list of people who have money blocked in CoinFlux wallets, as well as the exact associated balances, and the instruction to transfer those funds back into the clients’ bank account.”
The affected individuals in this situation is likely minute, because the volume is so minor that places like CoinMarketCap.com, which lists hundreds of small exchanges, does not even report CoinFlux volume.