Zondacrypto CEO in Israel as 4,500 BTC wallet locked
Zondacrypto CEO Przemysław Kral is in Israel as Polish prosecutors expand a fraud probe after the exchange’s cold wallet holding 4,500 BTC became inaccessible, with losses estimated at 350 million zloty.
Przemysław Kral, CEO of Zondacrypto, is in Israel as Polish prosecutors expanded a criminal investigation after the exchange’s cold wallet holding 4,500 Bitcoin became inaccessible. Investigators have identified several hundred potential victims and estimate minimum losses of 350 million zloty (about $97 million). Kral’s Israeli citizenship could complicate any extradition request.
Poland’s probe opened last week after customers filed complaints. Zondacrypto began in Katowice in 2014 as BitBay. The platform is operated by BB Trade Estonia OÜ and is registered in Estonia, but a large Polish user base led Polish authorities to take the lead on the investigation.
Kral acknowledged last Thursday that the cold wallet was inaccessible. His previously used email address is no longer available and attempts to contact him through that address have failed.
Kral has placed responsibility on Sylwester Suszek, BitBay’s founder, who has been missing since 2022. Prosecutors say several hundred people may have been affected; Prime Minister Donald Tusk estimated up to 30,000 users could be impacted and linked the exchange’s early history to Russian capital and political influence.
The supervisory board of BB Trade Estonia OÜ experienced multiple resignations this week. Former board member Georgi Džaniašvili wrote that the board learned of the crisis through media reports and pointed to “material inconsistencies” between public statements and information available to the board. He added that where ownership and executive control rest with a single person, oversight depends on transparency and timely communication.
Company contacts and communication channels have become partially silent. The exchange’s operator has not published a timeline to restore access to the cold wallet nor provided an auditor-verified statement of customer assets.
Polish prosecutors continue to gather evidence and identify affected users. Authorities and company representatives have not produced a full public accounting of the missing funds or a schedule for customer restitution.
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