As per an article in Cluj, a Romania-based newspaper, the case of misappropriation of funds by Vlad Nistor, CEO of Bitcoin Exchange CoinFlux is not simple and includes much more profound knowledge. The allegations made against Nistor are also quite serious and complex and therefore, requires expertise to understand the issues.
Bitcoin CEO’s arrest
As per one of the reports, Nistor was a member of the group which was involved in sending emails to the reputable companies in order to encourage individuals to divulge personal information which includes passwords, credit card numbers, etc. This process was executed in between 2014 and 2015 at the United States when CoinFlux was set to start.
The federal authorities had identified and arrested 14 people who were indulged in such fraudulent activities, and Vlad Nistor was the one among them. He was the one person having great ties with businesses he was associated with. Also, he had been in touch with various members involved in cybercrime through Telegram. He had reportedly helped these people with solutions on how to indulge in such illegal activity without leaving the slightest of a hint to the police department for further suspicion.
As per the statement of a report (nearly translated): “Two of these methods were run online via phishing or through various fictitious sale ads (via eBay or through online platforms). For example, Romanians were sending e-mails using instant messaging programs or telephone numbers where the user is advised to give confidential data to win certain prizes or was informed that they are necessary due to technical errors that led to the loss of original data. A web address containing a clone of the site of a financial or trading institution was indicated in the e-mail.”
The criminals were very smart and used the recently created CoinFlux exchange to wash off the funds, as soon as, they extracted them from their targeted victims through several crypto methods. Such activities are not enough to charge an exchange operator of fraud, as there already are a few exchange operators who have been already banned due to such illegal activity but still move around freely.
But, if we are looking into the case of Vlad Nistor, it is totally opposite in nature as he was the only one who actually advised fraudsters on the ways and means to indulge in such illegal activities using his crypto exchange.
Nistor Handover Delayed
Recently, it was announced that the court has given time till 20th of December to Nistor and his lawyers for further argument and to provide the reasons to the state as to why he shouldn’t be extradited. He is currently not authorized to use Bitcoin or any other related digital currencies and needs to be present before the court as and when required as per the court instructions.
However, the banishment request got approved for the three criminals: Popescu Bogdan-Ştefan, Dobrică Alin-Ionut, and Arvat Florin. As per Cluj, the only variations between their activities and Vlad Nistor’s is that they implemented unlawful activities directly on US soil.