Polish prosecutors launched an investigation into cryptocurrency exchange Zondacrypto on April 17th, alleging fraud and money laundering totaling at least 350 million złoty.
Investigation into Zondacrypto Commences
The Katowice Regional Prosecutor’s Office initiated an investigation into the cryptocurrency exchange Zondacrypto on April 17th, focusing on allegations of significant fraud and money laundering.
Investigators state the initial estimated damage was at least 350 million złoty, but this figure is increasing daily.
Growing Scale of Losses
Both the number of victims and the total amount of financial loss are steadily increasing, with hundreds of reports received daily by the Katowice Regional Prosecutor’s Office.
Guidance for Victims
Victims of the Zondacrypto case are advised to report to the nearest police station or prosecutor’s office.
Before filing a report, individuals should create screenshots of their Zondacrypto account views, including wallet contents (crypto and fiat funds) and account details (login, email). They should also secure email correspondence with Zondacrypto and obtain a transaction history from the exchange’s website.
Prosecutors also recommend printing records of transfers made to Zondacrypto accounts, clearly showing account numbers, and detailing any attempted or unrealized withdrawals.
Nature 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.
Prosecutors are also investigating the acceptance, storage, and transfer of funds in a manner that may have obscured their criminal origin.
Missing Bitcoin Reserves and Initial Reports
The investigation was prompted by reports from victims and media coverage regarding difficulties withdrawing funds from Zondacrypto.
The exchange’s owner reportedly admitted in 2022 that access to a “cold wallet” containing approximately 4,500 BTC (bitcoin) – a fact concealed from clients – had been lost.
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
In early April, media outlets reported potential liquidity problems at Zondacrypto, Poland’s largest cryptocurrency exchange.
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.”
Disappearance of Founder and Related Investigations
Zondacrypto holds a portfolio of 4,500 bitcoins, valued at over $300 million, but the keys are reportedly held by Sylwester Suszek, the founder of BitBay (Zondacrypto’s predecessor), who disappeared in March 2022.
Suszek was last seen at a fuel station owned by Marian W., where his mobile phone last connected to the network. Surveillance cameras at the facility reportedly malfunctioned temporarily during his disappearance.
Marian W. faces charges related to the unlawful deprivation of liberty of Sylwester Suszek in a separate investigation. He also faces charges related to the documentation of fictitious VAT invoices totaling nearly 1.3 billion złoty, allegedly leading an international criminal group involved in illegal fuel trading and VAT fraud.