Zondacrypto’s crisis deepened on Friday after Polish outlet Onet reported that CEO Przemysław Kral had gone to Israel as prosecutors investigate the exchange over alleged fraud and investor losses.
According to the report, Kral has been in Israel for about a week and holds Israeli citizenship, a factor that could complicate any potential extradition to Poland. Polish authorities opened an investigation into Zondacrypto last Friday over alleged fraud and investor losses. Cointelegraph also confirmed that Kral’s email address, previously used to communicate with him, has become unavailable.
The developments come a week after Kral admitted last Thursday that Zondacrypto’s cold wallet holding 4,500 Bitcoin was inaccessible, marking his last publicly known communication at the time of reporting. Polish prosecutors have identified several hundred possible victims and potential losses of at least 350 million Polish zloty (around $97 million), according to Notes from Poland, citing prosecutor spokesperson Michał Binkiewicz.
The case has added pressure to one of Central and Eastern Europe’s biggest crypto platforms, even as Zondacrypto is much smaller in scale than global exchanges such as Binance.
Zondacrypto board resignations add to pressure
The controversy deepened this week amid resignations from the supervisory board of BB Trade Estonia OÜ, the Estonian company that operates the exchange.
In a Monday post on LinkedIn, former board member Georgi Džaniašvili said the board learned about the scale of the Zondacrypto crisis through media reports rather than internally. He also pointed to “material inconsistencies” between public statements and information available to the board.
Source: Georgi Džaniašvili
“In a governance structure where ownership and executive management are concentrated in one individual, effective oversight depends on transparency, timely communication, and mutual trust,” Džaniašvili wrote, adding: “Regrettably, that foundation has been materially undermined.”
Why is the Zondacrypto case being investigated in Poland?
Although Zondacrypto is registered in Estonia, the company has a significant user base and operational presence in Poland, particularly among Polish-speaking users, which has led Polish authorities to open a criminal investigation following complaints from customers in the country.
Zondacrypto was founded in Katowice in 2014 under the name BitBay by Sylwester Suszek, who has been missing since 2022. In public comments last week, Kral said Suszek was responsible for Zondacrypto not having access to its cold wallet.
Source: Przemysław Kral
The issue has become a hot topic in Polish politics, with Prime Minister Donald Tusk claiming links between Zondacrypto and Russian capital and political influence, citing the exchange’s early history and later growth under new management.
In an official communication on April 17, Tusk said up to 30,000 Zondacrypto users may have been affected and compared the case to past financial scandals in Poland.
Related: Europe’s MiCA regime puts smaller crypto firms under pressure
Tusk also said the lack of a comprehensive legal framework for investor protection meant authorities were only able to act later, referring to Poland’s repeated delays in passing legislation aligned with the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework.
The case could have broader implications for how the EU approaches crypto supervision under MiCA, with some member states advocating for more centralized oversight rather than national-level enforcement.
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