Zondacrypto collapse leaves over $95M inaccessible, probe opens

Polish prosecutors have opened a criminal investigation into Zondacrypto after the exchange stopped processing withdrawals, leaving customers unable to access at least 350 million złoty (about $95 million). Investigators have identified several hundred potential victims and say the number is growing; a spokesman for the prosecutor’s office said: “We are currently talking about several hundred people, but this number is constantly growing … The scale of the possible fraud is very large.”

Customers reported that withdrawals were restricted in mid-April as the platform showed signs of financial stress. A market analysis earlier this month found the exchange had lost more than 99% of its reserves; Zondacrypto disputed parts of that analysis. Chief executive Przemysław Kral acknowledged the firm does not have access to a wallet holding 4,500 BTC and said the wallet key was never handed over by founder Sylwester Suszek. Suszek founded the business as BitBay in 2014; it was sold and rebranded as Zondacrypto in 2021 and now operates under an Estonian licence. Suszek disappeared in March 2022, and the lost wallet was reported to hold bitcoin worth more than $330 million at the time it went missing.

Employee departures followed the payment freeze. Termination letters seen by staff cited “complete liquidation” as the reason for release. All members of the supervisory board of BB Trade Estonia, the platform operator, resigned. The compliance and cybersecurity directors also left. Some former employees estimate customer claims could ultimately exceed 500 million złoty. The company has not formally declared bankruptcy, and Kral has not made a public statement on the company’s future.

Estimates put the number of affected clients at roughly 30,000. Legal experts say customers can seek compensation under existing Polish law despite the absence of a dedicated crypto regime. Lawyer Jan Ziomek recommended that users gather balance confirmations, transaction histories and any correspondence with customer support to support civil suits filed in Poland or Estonia. He added that potential claims could be brought against the company, its officers and, in some cases, the state.

Polish politicians have cited the collapse while debating domestic crypto regulation. A government bill intended to implement the EU’s Markets in Crypto-Assets (MiCA) rules has been blocked by presidential vetoes and has not passed, leaving gaps in Poland’s legal framework for digital-asset firms.

Prosecutors are continuing to trace funds, review corporate records and expand the list of potential victims. Customers who cannot access their assets have been asked to preserve documentation that could be used in civil claims or criminal complaints as the investigation proceeds.