Monaco probes Zondacrypto; Poland calls it a pyramid scheme

Monaco’s public prosecutor has opened a money‑laundering investigation into Estonia‑licensed Zondacrypto after the exchange halted withdrawals and left thousands of customers unable to access funds. The inquiry began after a formal complaint and foreign reporting prompted a review; Monaco’s office said it has not received a formal mutual legal assistance request from Poland.

Customers first reported they could not access accounts in early April. An analysis of the company’s crypto reserves showed holdings had fallen by roughly 99% over several months. Zondacrypto’s chief executive acknowledged the firm lacked access to about 4,500 bitcoins, valued at more than $330 million at the time, and said wallet keys were not handed over when management changed in 2021.

The platform began as BitBay, founded in 2014 by Sylwester Suszek. The business was sold and rebranded in 2021; Suszek disappeared from public view in early 2022. Accounts of the exchange’s ownership after the sale differ, with some pointing to a U.S. investor and others alleging criminal influence.

Chief executive Przemysław Kral stopped posting publicly in mid‑April and is believed to have left the country for Israel, where he holds citizenship.

While Zondacrypto mainly served clients in Poland and Central and Eastern Europe, it expanded its profile through international marketing. In Monaco the company held naming rights at the Louis II Stadium lounge, sponsored the AS Monaco basketball team and was the main sponsor of a high‑end car show. Those partners have removed or are removing the company’s branding.

Polish officials say the collapse has political dimensions. Authorities allege the platform supported initiatives and individuals who lobbied against a draft cryptocurrency law. The draft was vetoed twice by the president and blocked in parliament; the government plans to reintroduce a revised bill with tougher penalties for platforms and people who defraud crypto investors.

Waldemar Żurek, Poland’s justice minister, described the platform as a ‘pyramid scheme’ and urged investigations into alleged illegal lobbying, saying the collapse reflected conduct intended for ‘fraud and extortion’ rather than fair investment. Polish authorities estimate up to 30,000 domestic customers may have been affected; the exchange is believed to have had more than one million active users worldwide.

Polish prosecutors are pursuing inquiries into fraud, money laundering and political interference. Investigators in multiple jurisdictions are tracing funds and ownership while regulators and former partners review ties to the exchange.