Polish crypto exchange Zondacrypto, formerly BitBay, is facing a deepening crisis tied to the 2022 disappearance of founder Sylwester Suszek and the later disappearance of his successor, lawyer Przemyslaw Kral. According to the report, Suszek vanished after sending desperate messages to family members asking for Bitcoin to secure his release, and his relatives believe he was killed. Prosecutors later linked one of his business associates, Marian Wszolek, to the case, though he also disappeared after charges were announced. The exchange later rebranded and operated through BB Trade Estonia, but scrutiny grew as Estonia tightened oversight of crypto companies. A report from the country’s Financial Intelligence Unit said nearly three-quarters of supervised firms had not filed a single suspicious transaction report in 2021, and Zondacrypto was described as one of them. Auditors in 2023 and 2024 also questioned whether the parent company’s reported assets were real. Kral, who took over after Suszek vanished, publicly claimed on April 16 that the company held more than $330 million in Bitcoin reserves, but said access depended on a private key known only to Suszek. The wallet he referred to, holding 4,500 BTC, had reportedly shown no activity for nearly a decade. Polish prosecutors now estimate potential losses of at least 350 million zloty, with more than 30,000 customers reported as victims, and the exchange case has been merged with the Suszek disappearance investigation.

European crypto exchange Zondacrypto is facing a deepening crisis, according to The New York Times. Founder Sylwester Suszek disappeared in 2022, and Przemyslaw Kral, the executive who later took over as CEO, has also been missing since April this year. The case has renewed scrutiny of fund security and oversight in the crypto sector. Zondacrypto, formerly known as BitBay, was founded in Poland in 2014 and was once one of the largest crypto exchanges in Central and Eastern Europe. Suszek, described by Polish media as the "king of crypto," disappeared near a fuel depot in southern Poland in March 2022. His family later received messages from suspected kidnappers demanding a bitcoin ransom, and Polish prosecutors opened an investigation into alleged unlawful deprivation of liberty. After Suszek vanished, Kral, a lawyer and Suszek’s assistant, took over operations. In April, the Zondacrypto website went offline, leaving users unable to withdraw funds or trade. Kral had said the platform held more than $330 million in bitcoin reserves, but claimed access to those assets required digital keys controlled by Suszek. That statement drew questions because the related wallets had shown no activity for an extended period. Estonia’s financial intelligence unit revoked the operating license of the exchange’s parent company on June 29, while Polish prosecutors are now examining how Zondacrypto was established and run.

According to a report cited by ChainCatcher from The New York Times, Zondacrypto, the Polish crypto exchange formerly known as BitBay, has been tied to a string of disappearances and operational setbacks. Founder Sylwester Suszek went missing in March 2022 after leaving what was described as a desperate voice message for his sister, and his family suspects he was killed. The lawyer who later took over management of the company, Przemyslaw Kral, has now also been missing for four months. Kral had previously posted a video aimed at reassuring customers, saying the company held more than $330 million worth of Bitcoin. He also said the only person with the key needed to unlock those holdings was Suszek, who had already disappeared. The report added that the exchange website shut down around April. Roughly two months later, on June 29, Estonia’s Financial Intelligence Unit revoked the license of the exchange’s parent company.

Zondacrypto CEO says the exchange lost access to a wallet with 4,503 BTC ($350M) after seller Sylwester Suszek vanished without handing over private keys. Massive withdrawals drained 99% of BTC reserves.

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Zondacrypto CEO admits the exchange lost private keys to a wallet holding 4,503 BTC (~$350M), triggering massive withdrawals that drained 99% of its Bitcoin reserves. The funds were allegedly purchased from missing BitBay founder Sylwester Suszek.

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