Polish prosecutors have launched an investigation into cryptocurrency exchange Zondacrypto following reports of missing funds, estimated at over 350 million złoty, and growing user complaints.
Investigation into Zondacrypto Commences
The Katowice Regional Prosecutor’s Office initiated an investigation on April 17th regarding 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 note this figure is increasing daily as more reports emerge.
Scale of Losses Increasing Daily
Both the number of victims and the total amount of financial loss are steadily rising, with hundreds of reports being received daily.
These reports are being submitted directly to the Katowice Regional Prosecutor’s Office, as well as through other prosecution and police units, according to Prosecutor Michał Binkiewicz.
Guidance for Victims Forthcoming
A website providing instructions for those affected is under development and will be published in the “News” section of the Katowice Regional Prosecutor’s Office website.
What to Do If You’ve Lost Money
Victims of the Zondacrypto situation are advised to report to the nearest police or prosecutor’s office.
Before filing a report, individuals should create screenshots of their Zondacrypto account views, including wallet contents (crypto and fiat balances) and account details (login, email address), secure email correspondence with Zondacrypto, and obtain a transaction history from the exchange’s website.
Prosecutors also recommend collecting printouts of transfers made to Zondacrypto accounts, clearly showing account numbers, and detailing any attempted or unrealized withdrawals.
Investigation Focus: Fraud and Money Laundering Charges
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.
Prosecutors are also investigating the acceptance, storage, and transfer of funds, potentially obstructing the identification of the criminal origin of funds related to the alleged fraud.
Missing Bitcoin and Initial Reports Trigger Investigation
The investigation was prompted by reports from victims and media coverage regarding difficulties withdrawing funds from Zondacrypto.
The exchange’s owner reportedly stated that access to a “cold wallet” containing approximately 4,500 BTC (bitcoin), valued at around $300 million, had been lost since 2022, a fact that was not disclosed to clients.
Investigation Scope and Cybercrime Unit Involvement
The investigation will encompass all information related to the establishment, operation, and financial transactions of Zondacrypto.
The case has been assigned to the Central Bureau of Cybercrime Investigation in Wrocław.
Media Reports of Liquidity Issues and Reserve Decline
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, with users reporting withdrawal issues. Zondacrypto’s CEO, Przemysław Kral, dismissed the analysis as “incorrect, untrue, and harmful.”
Missing Keys and the Disappearance of Sylwester Suszek
Zondacrypto holds a wallet of 4,500 bitcoins, worth over $300 million, but the keys are reportedly missing and held by Sylwester Suszek, the founder of BitBay, Zondacrypto’s predecessor.
Suszek disappeared in March 2022, last seen at a fuel station in Czeladź, where his mobile phone last connected. Surveillance cameras at the facility reportedly malfunctioned during his disappearance. A separate investigation into Suszek’s disappearance has led to charges against Marian W. for unlawful deprivation of liberty.
Related Investigation into VAT Fraud
Marian W. also faces charges related to the documentation of fictitious transactions with VAT invoices totaling nearly 1.3 billion złoty.
Prosecutors allege he led an international criminal group involved in illegal fuel trading and VAT fraud, with 1.5 billion złoty deposited into the accounts of companies involved in the scheme. An indictment against Marian W. and five others has been submitted to court.
