Polish authorities are investigating ZondaCrypto, a cryptocurrency exchange, with over 700 reported victims and a political dispute erupting over responsibility.
Investigation Launched, Potential Victims in the Thousands
Prosecutors in Katowice have registered over 700 victims in the ZondaCrypto case, representing only those who have directly reported to the Katowice prosecutor’s office. Additional reports are arriving from across Poland.
The prosecutor’s office estimates the total number of affected individuals could reach several thousand.
Searches and Data Seizure Underway
Investigators are conducting searches and securing telecommunications data, as well as questioning witnesses, on both Śląsk and in other parts of Poland. Some searches may extend beyond Poland’s borders.
Allegations of Misleading Investors
The investigation centers on suspicions that investors were misled regarding the purchase and storage of fiat and cryptocurrencies on the ZondaCrypto exchange, leading to financial losses.
Russian Connection Being Investigated
When questioned about a possible Russian connection, prosecutors stated that all leads, including those appearing in the media, will be investigated. They aim for “categorical and comprehensive” findings regarding the exchange’s establishment, operation, and funding.
Government and Agency Response
The Internal Security Agency (ABW) is investigating the use of cryptocurrencies for financing subversive acts and by criminal organizations. The agency supported legislation intended to limit the risks associated with entities like ZondaCrypto.
Information on the case was scheduled to be presented to Parliament on December 5, 2025, by the Prime Minister.
Presidential Veto and Accusations of Government Incompetence
President Karol Nawrocki stated that the first communication from ABW regarding the cryptocurrency market reached the Presidential Chancellery on December 12, 2025 – eleven days after his veto of the crypto-assets act and seven days after a secret parliamentary session.
The President accused the government of attempting to cover up its “inefficiency and helplessness” in controlling the cryptocurrency market.
Blame Game and Legislative Impact
The government blames the President for the ZondaCrypto affair, while the opposition and the President argue that recent legislation would not have prevented the situation. The ABW maintains it provided information to relevant authorities and supported the legislative process.
PiS Attacks Government Response
The ABW is cooperating with the prosecutor’s office, police, and the Ministry of Finance in combating financial crimes. However, the agency clarified that assessing the risks associated with investing in foreign financial instruments is outside its statutory competence.
The ABW’s statement also raised concerns about potential political lobbying against cryptocurrency regulations.
Opposition Criticism and International Cooperation Questions
Rafał Bochenek, a spokesperson for PiS, criticized the government, questioning why the public wasn’t warned sooner and whether state institutions cooperated with authorities in Estonia and Monaco.
User Reports of Problems Emerge
Media reports in early April indicated potential problems with Poland’s largest cryptocurrency exchange, with analysis suggesting a 99% decrease in ZondaCrypto’s Bitcoin reserves. Users also reported difficulties withdrawing funds.
ZondaCrypto CEO Denies Issues
Przemysław Kral, CEO of ZondaCrypto, responded by assuring that the company was stable, solvent, and secure, dismissing the media analysis as “false and damaging.”
Missing Founder and Israeli Citizenship
Kral previously stated that the exchange held a portfolio of 4,500 Bitcoins, worth over $300 million, but the keys were held by Sylwester Suszek, the founder of BitBay, ZondaCrypto’s predecessor, who is currently missing. Kral is currently in Israel, which does not extradite its citizens.
Investigation into Sylwester Suszek’s Disappearance
Sylwester Suszek disappeared in March 2022, last seen at a fuel company in Czeladź owned by Marian W. Marian W. has been charged with depriving Suszek of his freedom.
Marian W. also faces charges related to documenting fictitious transactions with VAT invoices totaling nearly 1.3 billion złoty. He is suspected of leading an international criminal group involved in illegal fuel trading and VAT fraud.