ZondaCrypto Scandal Deepens as Polish Prosecutors Launch Probe After CEO Disappears

ZondaCrypto, a Poland-based cryptocurrency exchange with a large Polish user base in Eastern Europe, is facing allegations of large-scale fraud amid controversy over the disappearance of its chief executive officer.

Polish prosecutors opened a fraud investigation into ZondaCrypto last Friday, Cointelegraph and Polish outlet Onet reported on April 24. Przemyslaw Kral, the exchange's CEO, recently left Poland for Israel.

Kral holds Israeli citizenship, raising the prospect that any effort to extradite him to Poland could become more complicated.

Investigators are examining whether ZondaCrypto defrauded investors and whether the exchange properly managed the digital assets it held in custody. So far, authorities have identified hundreds of alleged victims tied to the exchange, with losses estimated at at least $97 million.

Concerns had been mounting for months as users repeatedly reported delays in withdrawals. Liquidity fears also grew after the amount of cryptocurrency held in the exchange's hot wallets dropped sharply. The situation escalated last week when Kral wrote on X that founder Sylwester Suszek had disappeared with the cold-wallet keys, leaving the company unable to access 4,500 Bitcoin.