Poland's Zondacrypto hit by fraud investigation after 4,500 BTC reportedly go missing

Poland's largest cryptocurrency exchange, Zondacrypto, is facing a major fraud probe, ME News reported on May 5 (UTC+8). Authorities are investigating claims tied to a cold wallet holding 4,500 bitcoins—now valued at more than $340 million—after the exchange's former CEO vanished in 2022 with the wallet's private keys. The current CEO has acknowledged he cannot access the cold wallet and has recently been reported to have fled to Israel. Prosecutors estimate customer losses could total about $97 million. On-chain data indicates the exchange's Bitcoin balance in its hot wallet has fallen 99.7% since mid-2024, while users have widely reported withdrawal difficulties. Polish Prime Minister Donald Tusk said as many as 30,000 users may be affected. Tusk also accused the platform of being backed by Russian-linked capital and of funding opposition lawmakers to hinder Poland's cryptocurrency regulatory legislation. He described Zondacrypto as a "Polish Ponzi scheme" and criticized the president for twice vetoing Poland's implementation of the EU's MiCA framework, which he said has turned the country into a "haven for fraudsters." Zondacrypto's board said it has received no "verifiable information" from the missing former CEO and has resigned collectively. The founder has been missing since 2022, and a previously reported case involving alleged kidnapping remains under investigation. The episode is expected to intensify regulatory scrutiny of crypto exchanges in Poland and across the EU. (Source: ChainCatcher)