Founder Sylwester Suszek remains missing more than four years after his disappearance.

Claims about the CEO’s reserves lacked audited proof as customer withdrawals stalled across markets.

Polish and Estonian regulators intensified scrutiny after the exchange collapsed.

Zondacrypto’s collapse has become both a financial and criminal investigation after its founder disappeared and its former chief executive remained abroad. The failed exchange has left thousands of customers unable to access funds, while regulators and prosecutors continue to examine missing assets and unresolved reserve claims.

Founder Disappearance Casts a Long Shadow Over the Exchange

Zondacrypto began as BitBay in 2014 under founder Sylwester Suszek and grew into one of Central and Eastern Europe’s largest cryptocurrency exchanges. Later, regulatory pressure in Poland pushed the company to move its registration to Estonia.

According to a report by The New York Times on Aug. 23, Suszek disappeared on March 10, 2022, after traveling to a meeting in Czeladź, Poland. His family later received messages claiming he had been kidnapped, and the sender demanded Bitcoin for his release.

Those messages described threats against him, but investigators have never confirmed what ultimately happened. More than four years later, his fate remains unresolved.

Authorities later charged former associate Marian Wszolek with kidnapping and money laundering allegations connected to the case. However, public reports indicate that Wszolek also disappeared before the case reached a final resolution.

Suszek’s disappearance later became central to claims surrounding the exchange’s reported Bitcoin reserves.

CEO Reserve Claims Draw Scrutiny

After Suszek vanished, lawyer Przemysław Kral became the public face of the rebranded Zondacrypto. The company expanded through sponsorship deals with European football clubs and the Polish Olympic Committee.

Behind those campaigns, customer complaints continued to rise as withdrawal delays intensified during late 2025. Kral initially blamed technical problems before making broader claims about the exchange’s reserves.

He later said Zondacrypto controlled about 4,500 BTC, valued at around $330 million at the time. According to Kral, only Suszek possessed the private keys needed to unlock those wallets.

However, the company never published independently audited proof of reserves to support those statements, leaving a central operational claim unverified as withdrawal problems mounted.

Unlike Suszek, Kral has not been officially confirmed missing. Media reports have placed him outside Poland, including in Israel, while authorities have not publicly confirmed an arrest warrant or extradition request.

The crisis deepened after Zondacrypto’s website went offline on April 23, while its ZND token lost about 99.9% of its value.

Polish prosecutors estimate customer losses exceed 350 million zlotys, or roughly $96 million, and thousands of users still cannot withdraw funds. In addition, Estonia’s Financial Intelligence Unit revoked BB Trade Estonia’s virtual asset service license on June 29 after earlier regulatory action.

The investigation could affect Poland’s implementation of the European Union’s Markets in Crypto-Assets framework and may strengthen future oversight of exchange custody practices.