Zondacrypto CEO Przemysław Kral is reportedly in Israel as Polish prosecutors investigate the crypto exchange over alleged fraud, blocked withdrawals, and investor losses. The report has added fresh pressure on Zondacrypto, one of the better-known crypto platforms serving Polish users.
Polish outlet Onet reported that Kral has been in Israel for about a week. The report cited unnamed law enforcement and government sources. It also said Kral holds Israeli citizenship, which could make any move to bring him back to Poland more difficult.
Zondacrypto crisis deepens
Zondacrypto is formally registered in Estonia, but it has long served a large Polish-speaking customer base. The exchange was founded in Katowice in 2014 under the name BitBay before later becoming Zondacrypto.
The company is now under pressure after customers reported problems accessing funds. Polish prosecutors have opened an economic investigation into alleged fraud and investor losses.
Authorities have identified several hundred possible victims, while early estimates place losses at about 350 million Polish zloty, or nearly $97 million.
Onet reported that Kral had been living outside Poland for years due to concerns about possible arrest. The report said he previously stayed in Monaco before moving to Israel last Friday.
“Kral left for Israel last Friday, hoping that as a citizen of that country, he would not be extradited to us in case of problems with the Polish justice system,” one source cited by Onet said.
Another source from government circles reportedly gave the same account. Kral has not been reachable for several days, according to the report. His phone is said to be turned off, and he has not responded to messages.
Missing Bitcoin reserves remain central to the case
The crisis intensified after Kral said Zondacrypto could not access a cold wallet holding 4,500 Bitcoin. That wallet is alleged to contain the company’s main reserves. The missing access has become a central point in the case as users seek answers about blocked withdrawals.
Kral has linked the issue to Sylwester Suszek, the founder of BitBay. Suszek disappeared in 2022 and has not been found. Kral has claimed that Suszek held the private keys needed to access the wallet.
“He may be watching this. I appeal to him to fulfill the agreement and hand over the private keys to this address,” Kral said in a social media recording.
The comment suggested that Suszek may still be alive, although Onet reported that investigators believe otherwise.
Prosecutors working on Suszek’s disappearance believe he was most likely murdered. The report said investigators also believe Kral knows this. However, the case remains difficult because no body has been found and investigators have no clear lead on the perpetrators.
The Suszek case is separate from the economic investigation into Zondacrypto. The disappearance probe is being handled by prosecutors in Katowice who focus on organized crime. The new financial case has been assigned to another unit of the Regional Prosecutor’s Office in Katowice.
Board resignations add pressure on Zondacrypto
The collapse concerns have also reached Zondacrypto’s governance structure. The supervisory board of BB Trade Estonia OÜ, the Estonian company behind the exchange, has resigned.
Former board member Georgi Džaniašvili said on LinkedIn that the board learned about the scale of the crisis through media reports rather than internal channels. He also said there were “material inconsistencies” between public statements and information known to the board.
Džaniašvili wrote, “In a governance structure where ownership and executive management are concentrated in one individual, effective oversight depends on transparency, timely communication, and mutual trust.” He added that this foundation had been “materially undermined.”
Onet also reported that Kral recently sent farewell messages to colleagues online. Shortly after that, some employees reportedly received termination notices. This has added to concerns over whether the company can continue operating.
Polish authorities face questions over earlier warnings
The Zondacrypto case has also entered Polish politics. As Coin Headlines reported on April 17, Prime Minister Donald Tusk recently linked the exchange to Russian capital and political influence. He said thousands of users may have been affected and compared the case to earlier financial scandals in Poland.
The report has also raised questions about earlier oversight. Onet said the Ministry of Finance and the Polish Financial Supervision Authority had already received information about problems at Zondacrypto. It also said the Internal Security Agency had prepared a report on the alleged Russian origins of money invested in the exchange.
Moreover, the prosecutor who led the Suszek disappearance case has now been removed. The case is being reviewed by Beata Marczak, the deputy prosecutor general responsible for fighting organized crime and corruption.
Prosecutors are also reviewing why Kral was not questioned during the earlier investigation into Suszek’s disappearance. Onet cited sources who said his Monaco residence should not have stopped investigators from questioning him through legal assistance procedures.
The official loss estimate remains about 350 million Polish zloty. However, Onet cited unnamed prosecutors who believe the real figure could be several times higher. They said some losses may never be reported if criminal groups used the exchange for money laundering and then lost funds.