A Polish cryptocurrency exchange has been exposed as a Ponzi scheme, with its former CEO disappearing with the private keys to 4,500 Bitcoins.

According to Mars Finance, Zondacrypto, a major Polish cryptocurrency exchange, is facing a serious fraud investigation. Its former CEO disappeared in 2022, taking with him the private key to a cold wallet containing 4,500 bitcoins (currently worth over $340 million). The current CEO has admitted to being unable to access the wallet and has recently been reported to have fled to Israel. Prosecutors estimate potential customer losses at approximately $97 million. On-chain data shows that the Bitcoin balance in the platform's hot wallet has plummeted by 99.7% since mid-2024, with users reporting widespread difficulties in withdrawing funds. Polish Prime Minister Tusk estimates that up to 30,000 users may have been affected. Tusk publicly accused the platform of being funded by Russian-linked funds and used to fund opposition lawmakers to obstruct cryptocurrency regulatory legislation in Poland. He called it a "Polish Ponzi scheme" and criticized the president for twice vetoing the localization bill of the EU's MiCA framework, making Poland a "haven for scammers." The platform's board of directors stated that they were unable to obtain "verifiable information" from the missing CEO and have collectively resigned. The founder has been missing since 2022, and the previously mentioned kidnapping allegations against him are still under investigation. This incident is expected to prompt Poland and the European Union to strengthen regulatory scrutiny of cryptocurrency trading platforms.