Polish regional prosecutors launched an investigation on April 17th into cryptocurrency exchange Zondacrypto, alleging fraud and money laundering totaling at least 350 million złoty.
Investigation Launched into Zondacrypto
The Regional Prosecutor’s Office in Katowice initiated an investigation on April 17th into the cryptocurrency exchange Zondacrypto, focusing on allegations of significant fraud and money laundering. The initial estimated damage was at least 350 million złoty, but investigators state this figure is increasing daily.
The number of victims and the total amount of damages are steadily rising, with hundreds of reports received daily by the prosecutor’s office, either directly or through other police and prosecution units.
What to Do If You Lost Money
Individuals affected by the Zondacrypto situation are advised to report to the nearest police or prosecutor’s office. Before filing a report, they should create screenshots of their Zondacrypto account, including wallet contents (crypto and fiat funds) and account details (login, email address).
Prosecutors also recommend securing email correspondence with Zondacrypto for as long as possible, avoiding deletion, and obtaining a transaction history from the exchange’s website. Printouts of transfers to Zondacrypto accounts, showing account numbers, and details of attempted withdrawals (successful or not) should also be gathered.
Details of the Investigation
The investigation centers on allegations of misleading individuals regarding the ability to purchase and store fiat and cryptocurrencies through the Zondacrypto exchange, leading to financial losses. It also examines the acceptance, storage, and transfer of funds in a manner potentially designed to obscure their criminal origin.
Missing Bitcoin and Company History
The investigation was prompted by reports from victims and media coverage of withdrawal problems at Zondacrypto. The exchange’s owner reportedly admitted in 2022 that access to a “cold wallet” containing approximately 4,500 BTC (bitcoin) – valued at around $300 million – had been lost, a fact concealed from clients.
The investigation will examine all information related to the establishment and operation of Zondacrypto, as well as its financial transactions. The Central Bureau of Cybercrime in Wrocław is leading the investigation.
Media Reports of Liquidity Issues
In early April, media outlets reported potential liquidity problems at Zondacrypto, Poland’s largest cryptocurrency exchange. An analysis by money.pl and Wirtualna Polska revealed a 99% decrease in the exchange’s bitcoin reserves. Users reported difficulties withdrawing funds, claims Zondacrypto’s CEO Przemysław Kral dismissed as “false, untrue and harmful.”
The Disappearance of Sylwester Suszek
Zondacrypto holds a wallet of 4,500 bitcoins, worth over $300 million, but the keys are reportedly held by Sylwester Suszek, the founder of BitBay (Zondacrypto’s predecessor), who disappeared in March 2022. He was last seen at a fuel station owned by Marian W., where his phone last connected to the network. Surveillance cameras at the facility reportedly malfunctioned temporarily during his disappearance.
Marian W. faces charges related to the deprivation of liberty of Sylwester Suszek in a separate investigation conducted by the National Prosecutor’s Office. He also faces charges concerning the documentation of fictitious transactions through VAT invoices totaling nearly 1.3 billion złoty, allegedly leading an international criminal group involved in illegal fuel trading and VAT fraud.