The Zondacrypto scandal - what happened and why does it matter legally?
The Polish cryptocurrency exchange Zondacrypto is at the centre of a serious crisis, which is raising legitimate concerns among investors, employees and financial market experts. The company's president, Przemysław Kral, publicly disclosed the address of a wallet containing 4,500 bitcoins worth approximately $330 million, in an attempt to rebut allegations of misappropriating client funds. However, it has emerged that only the missing former president, Sylwester Suszek, has access to this wallet.
The case raises fundamental questions in the areas of criminal law, civil law and cryptocurrency market regulation. For the exchange's clients, it is essential to understand which legal instruments they can use to protect their financial interests. The suspension of salary payments to employees further deepens the picture of a company in crisis.
The "Superwizjer" reporter Michał Fuja pointed out that the funds held in the disclosed wallet are in practice inaccessible - the last major transactions took place in 2016, and the wallet has been inactive for over four years. This means that the exchange's asset backing is in effect illusory.
Frozen bitcoins and missing keys - legal consequences
From a legal perspective, a situation in which a company declares that it holds assets worth hundreds of millions of dollars but has no physical access to them has serious consequences. First and foremost, it raises the question of the liability of the management board for failing to secure the private keys to the cryptocurrency wallet after the former president left his post.
Sylwester Suszek was reported to have stepped down as president in May 2021, and only went missing in March 2022. For nearly a year, no one in the company took care to formally take over control of the private keys to the bitcoin wallet. Such an omission may constitute grounds for allegations of improper management within the meaning of the Commercial Companies Code.
In addition, if client funds were held without any real possibility of withdrawing them, this may satisfy the elements of offences defined in the Criminal Code, including misappropriation of property (Art. 284 of the Criminal Code) or fraud (Art. 286 of the Criminal Code). The National Public Prosecutor's Office is already conducting preliminary checks in this case, which may result in a formal investigation being opened.
The rights of cryptocurrency exchange clients - how to protect your interests
Zondacrypto clients who are concerned about the safety of their funds should take specific legal action without delay. Polish law offers several routes for protecting financial interests in situations of this kind.
Key legal steps for affected investors
- Filing a report of a suspected offence - any client who cannot withdraw their funds has the right to report the matter to the public prosecutor's office under Art. 304 of the Code of Criminal Procedure.
- Bringing a civil claim - a claim for the return of entrusted funds under the provisions on non-performance of an obligation (Art. 471 of the Civil Code) or unjust enrichment.
- Applying for interim security of claims - at the request of the injured party, the court may secure the company's assets before the proceedings conclude, which prevents further assets from being moved out.
- Reporting to the Polish Financial Supervision Authority (KNF) - the KNF supervises entities operating on the crypto-asset market and may take supervisory action.
- Joining class action proceedings - where there are many injured parties with similar claims, it is possible to pursue their rights jointly, which reduces individual costs.
Timing is crucial - the sooner the injured parties take legal steps, the greater the chance of effectively securing and recovering their funds.
The political and regulatory angle - impact on the cryptocurrency market
The Zondacrypto scandal also has a significant political and regulatory dimension. Prime Minister Donald Tusk disclosed findings of the Internal Security Agency concerning payments made by Mr Kral to foundations linked to politicians - including Zbigniew Ziobro and Przemysław Wipler. The funds were reportedly paid to the Instytut Polski Suwerennej and Dobry Rząd foundations, and the company also sponsored the CPAC conference.
This angle raises questions about possible money laundering and the use of funds from a cryptocurrency exchange to finance political activity. Under the Act on Counteracting Money Laundering and Terrorist Financing (AML), financial flows of this kind are subject to particular scrutiny and may form the basis of separate criminal proceedings.
At the same time, President Karol Nawrocki has twice vetoed the crypto-assets market act, which was intended to implement the EU's MiCA (Markets in Crypto-Assets) regulation. The absence of these rules means that the Polish cryptocurrency market continues to operate in a regulatory grey area, which makes it harder to protect investors effectively and enforce security standards.
Suspended salary payments - employees' rights
A separate, but equally serious, aspect of the case is the suspension of salary payments to Zondacrypto employees. Under Art. 85 of the Labour Code, an employer is obliged to pay remuneration on time, and failure to do so is a misdemeanour punishable by a fine of up to PLN 30,000. In cases of persistent violation of employees' rights, criminal liability may arise under Art. 218 of the Criminal Code.
Employees whose pay has been withheld should promptly file a complaint with the National Labour Inspectorate and consider terminating their employment contract without notice due to the employer's fault (Art. 55 § 1¹ of the Labour Code), which entitles them to compensation equal to their salary for the notice period. It is also worth applying to the Guaranteed Employee Benefits Fund if the employer is insolvent.
The report that President Kral has been absent from weekly meetings with the team deepens the organisational chaos and may indicate an actual decision-making paralysis in the company - which could ultimately lead to a petition for bankruptcy.
Do you need legal assistance? Contact our firm
The Zondacrypto scandal shows how important professional legal advice is in the rapidly developing cryptocurrency market. Whether you are an investor whose funds have been frozen on the exchange, an employee deprived of pay, or a business owner operating in the crypto-asset industry - your rights require effective protection.
Our firm specialises in matters concerning investor protection, financial market law and pursuing compensation claims in cryptocurrency-related cases. We offer a comprehensive analysis of your legal situation.
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