Former supervisory board members of a company linked to Polish crypto exchange Zondacrypto have filed a criminal complaint with Estonian authorities amid liquidity concerns.
Resignations and Notification to Estonian Prosecutor’s Office
Former members of the supervisory board of BB Trade Estonia OU, an Estonian company associated with the Zondacrypto brand, announced on X (formerly Twitter) that they had filed a criminal suspicion notice with the Estonian prosecutor’s office and informed the local financial intelligence unit on Thursday.
Lack of Consistent Information Regarding the Company’s Situation
In a statement published on X, former supervisory board members Veronika Tugo, Guido Buehler, and Giorgi Dzaniashvili emphasized that, following their resignation on Sunday, they felt compelled to provide the public with additional information regarding the steps they took after the situation surrounding the company was revealed.
They stated they had “constantly sought clear explanations from the company’s management board regarding ongoing issues related to withdrawals, the company’s financial liquidity, and the status and availability of assets presented as belonging to the company.” Despite direct requests, they did not receive sufficiently clear, verifiable, and consistent information.
Concerns Over Potential Impact on Stakeholders
The former board members noted they encountered unclear, contradictory, and sometimes inconsistent information, both in public statements and internal presentations. Key questions regarding the ownership, control, and availability of the company’s assets remained unanswered.
“Under these circumstances, given the seriousness of the situation and the potential impact on customers, creditors, employees, and other stakeholders, we concluded that the matter must be subject to independent review by the appropriate authorities,” they wrote. They subsequently filed a criminal complaint with the Estonian prosecutor’s office and notified the Estonian financial intelligence unit.
Company Registration and License Details
BB Trade Estonia OU, registered in the Estonian business registry under number 14814864, had a three-person supervisory board. All members of the board resigned on Sunday, stating their decisions were made independently. They noted the board only became aware of the situation after it escalated in Polish media.
Zondacrypto Problems and Prosecutor’s Investigation
The cryptocurrency license of Trade Estonia OU allowed it to provide services to Poland’s largest cryptocurrency exchange, Zondacrypto. In early April, media reported potential serious liquidity problems, with an analysis by money.pl and Wirtualna Polska revealing a 99% decrease in the exchange’s Bitcoin reserves.
Users have reported problems withdrawing funds. Zondacrypto CEO Przemysław Kral assured that Zondacrypto is a stable, solvent, and secure entity, and the money.pl analysis is “false, untrue, and harmful.”
Criminal Investigation and Estimated Damages
The Regional Prosecutor’s Office in Katowice has launched an investigation into possible fraud against customers of the Zondacrypto exchange. Investigators estimate the total damages to be at least 350 million PLN. Prime Minister Donald Tusk stated last week that an estimated 30,000 people may have been affected by Zondacrypto’s activities.
