Polish Cryptocurrency Exchange Hit by Ponzi Scheme, Former CEO Disappears with 4,500 Bitcoins Private Keys

On May 5, Polish crypto exchange Zondacrypto is under a major fraud investigation. Its former CEO went missing in 2022, taking the cold wallet private key holding 4,500 bitcoins—currently worth over $340 million. The current CEO has admitted he can’t access the wallet and was recently reported to have fled to Israel. Prosecutors estimate potential customer losses at roughly $97 million. On-chain data shows the exchange’s hot wallet bitcoin balance has plunged 99.7% since mid-2024, with users widely reporting withdrawal issues. Polish Prime Minister Tusk estimates up to 30,000 users may be affected. Tusk publicly accused the exchange of being funded by Russian-linked entities and used to back opposition lawmakers in blocking crypto regulation in Poland. He bluntly labeled it a “Polish Ponzi scheme” and criticized the president for twice vetoing the localization bill of the EU’s MiCA framework, turning Poland into a “haven for fraudsters.” The exchange’s board of directors said they’ve been unable to get “verifiable information” from the missing CEO and have collectively resigned. The founder, who’s been missing since 2022, remains under investigation over prior “kidnapping allegations.” The incident is expected to push Poland and the EU to tighten regulatory oversight of crypto exchanges.