Zondacrypto collapse: alleged key operator reportedly in Dubai; losses may top $100M

ChainCatcher reports that market sources say the person believed to be the true controller behind the recently collapsed European crypto exchange Zondacrypto is hiding in Dubai, with customer losses potentially exceeding $100 million. Polish outlet Onet Wiadomości said Zondacrypto's official representative was spotted in Dubai with a man known as "Maniek," described as the real operator of the business. The report added that CEO Przemysław Kral allegedly acted as a "frontman." Kral went out of sight after reports surfaced that the exchange's reserves had fallen by more than 99%. He was previously thought to have fled to Israel, but is now reported to be in the UAE. Zondacrypto was launched in 2014 as BitBay. Kral took over the exchange in 2021, rebranded it as Zondacrypto, and moved operations to Estonia. Polish media have suggested the platform may have been controlled by Russia's Tambov crime gang. As many as 30,000 Poles may have been affected. Early estimates put losses at at least 350 million PLN (about $97 million), with the final figure potentially higher. Separately, founder Sylwester Suszek disappeared in 2022, and reports say the private key to a wallet holding 4,500 bitcoins was never handed over.