Nistor Vlad Călin, the owner of Bitcoin Exchange CoinFlux, will be extradited to the US, after the High Court in Romania had confirmed a previous court’s ruling and ordered that he would be surrendered to the American authorities, under arrest.
The Romanian bitcoin exchange executive has been arrested on suspicion of money laundering and other crime. Vlad Nistor’s role would have been to help other Romanian scammers “launder” money originating from crimes. More precisely, the group dealing with scams in the United States turned the money obtained to Bitcoin, then the members of the group resorted to Nistor’s company to turn virtual money into fiduciary coin. The details about the frauds have been revealed through a Secret Service’s memo.
The case against Vlad Nistor centers on activities of Romanian scammers in 2014 and 2015. He is alleged to have actively helped scammers via Telegram in disposing of their ill-begotten gains. This would involve the conversion of knowingly stolen funds for cryptocurrencies. The crypto gains from then to now would be substantial, 2015 being a downturn year for Bitcoin.
The number of affected individuals in this situation is likely low, as the volume is so minor that places like CoinMarketCap.com, which lists hundreds of small exchanges, does not even report CoinFlux volume.
In retort, Vlad Nistor told judges in hid defence in court that he had been working in the financial sector for seven years, then he had opened a firm specialized in cryptocurrencies that conducted over 200,000 transactions. “When you are trying to rise a business committing crimes is out of the question, because the value of that business would be thus weakened“, he argued.