Law enforcement authorities in Monaco have opened an investigation into Zondacrypto, the failed Polish exchange known for multiple sponsorships in the wealthy city-state. The Monaco Prosecutor’s Office launched a money laundering case against the Estonia-licensed crypto trading platform following reports in foreign media and a filed complaint, according to local news outlets like News.mc and Monaco-Matin on Wednesday. Officials confirmed the probe but noted they have not yet received an official request for assistance from Poland.
The scandal began last month when Polish news sites, including WP Wiadomości and Wirtualna Polska, reported that Zondacrypto clients could not withdraw their assets. Research by market intelligence firm Recoveris showed the platform’s crypto reserves had dropped by 99% in just a few months. The exchange’s CEO, Przemysław Kral, denied insolvency but admitted he couldn’t access 4,500 Bitcoin, worth over $330 million at the time. He blamed founder Sylwester Suszek for not handing over wallet keys after transferring management in 2021. Suszek had started the service as BitBay in 2014 and disappeared early last year. Some reports suggest a U.S. investor bought the exchange, but Polish intelligence claimed it was controlled by the Russian mafia. Kral himself vanished in mid-April and is believed to have fled to Israel, where he also holds citizenship.
Sponsorships and political ties unravel
Zondacrypto tried to expand beyond Poland through aggressive advertising. In Monaco, it became recognizable through sponsorship deals, including with the AS Monaco football club, which named a lounge after the exchange at its Louis II Stadium. It also sponsored the AS Monaco basketball team in the EuroLeague and the Top Marques Monaco supercar show. These organizations are now removing the logo, according to Monaco-Matin. Back in Poland, the exchange was accused of backing opposition initiatives to lobby against government-proposed crypto regulation. A bill by Prime Minister Donald Tusk’s liberal cabinet was vetoed twice by President Karol Nawrocki and blocked by nationalist allies in parliament.
Justice minister speaks out
Polish Justice Minister Waldemar Żurek told Polsat News that the government must investigate what he called “prohibited lobbying of someone who created a pyramid scheme, the purpose of which was fraud and extortion.” He claims up to 30,000 Poles may have been victims of the collapse, though the exchange reportedly had over a million active users worldwide. Meanwhile, Bitcoin.pl reported that the government plans to resubmit its draft law to parliament this week, adding tougher penalties for platforms that defraud crypto investors. The ongoing probes for fraud, money laundering, and political interference continue to grow on both sides of the continent.
