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Poland’s troubled crypto exchange Zondacrypto has taken another turn after reports that its CEO allegedly fled to Israel. Polish media outlet Onet reported that CEO Przemysław Kral has been in Israel for a week.
Polish prosecutors recently opened a formal investigation into the exchange, alleging fraud and customer losses estimated at $97 million. The case has now been complicated further by the CEO’s reported flight, with prosecutors saying Kral holds Israeli citizenship, which could make extradition and asset recovery more difficult, the report said.
Zondacrypto’s history has been marked by limited transparency. While its operations are largely based in Poland, the exchange is registered in Estonia under the BB Trade Estonia OÜ entity. The business was originally founded in 2014 as BitBay by Sylwester Suszek, who has been missing since 2022.
According to Kral, Suszek’s disappearance resulted in a loss of access to a cold wallet holding 4,500 BTC, which the article says is worth over $340 million at current prices. The wallet was described as part of the exchange’s reserves.
Separately, the board of the Estonian entity said it lacked knowledge of some information that has been made public. In a statement on LinkedIn, former board member Georgi Džaniašvili said the CEO had not provided “verifiable information” regarding the exchange’s issues. He added that, despite multiple extraordinary meetings, follow-up questions, and direct requests for clarification, the board was unable to obtain sufficiently clear, verifiable, and consistent information. The board urged a proper investigation.
The crisis also extends beyond governance failures. Polish Prime Minister Donald Tusk said Zondacrypto donated to several politicians and related entities, with the capital coming from Russia, according to the article.
Tusk also said that around 30,000 Zondacrypto users may be affected, criticizing the slow progress of crypto legislation.
The exchange was also reported to have been the general sponsor of the Polish Olympic Committee (PKOL). In response to the scandal, the local sports community has demanded the resignation of PKOL president Radosław Piesiewicz, saying the situation has damaged their reputation.
The article says the case is likely to renew discussion about how the EU’s crypto framework, MiCA, applies to smaller market participants such as Zondacrypto, with a focus on investor protection.
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