Polish prosecutors have reportedly charged Przemysław Kral, the head of the collapsed cryptocurrency exchange Zondacrypto, in connection with an alleged large-scale fraud, and he has started cooperating with investigators, according to reporting from Onet.
Onet says Kral is seeking a reduced sentence in exchange for testimony that could include details about how Zondacrypto funding was linked to right-wing political figures in Poland. Prosecutors estimate that Zondacrypto customers lost at least 2.4 billion Polish zlotys (about $650 million), and investigators allege that only part of customer funds was used to buy crypto, while the remainder was moved to private accounts controlled by exchange managers.
Key takeaways
- Przemysław Kral of Zondacrypto has reportedly been charged and is cooperating with Polish prosecutors.
- Prosecutors estimate customer losses at least 2.4 billion zlotys (about $650 million).
- Investigators allege Zondacrypto used only a portion of customer funds to purchase crypto and diverted the rest to private accounts.
- Kral is reportedly trying to secure a reduced sentence through testimony, potentially touching on alleged exchange-related political funding.
- Earlier public statements included a claim that Zondacrypto could not access a cold wallet holding roughly 4,500 Bitcoin.
Cooperation talks and the alleged damage
Onet reports that prosecutors estimate Zondacrypto customers lost at least 2.4 billion zlotys. The outlet also states investigators believe the exchange did not preserve customer money in full, but instead used only part of customers’ funds to buy cryptocurrency, with additional amounts allegedly transferred to private accounts under the control of Zondacrypto’s managers.
According to Onet, Kral began exploring cooperation conditions weeks ahead of the reported charge outcome. The outlet previously reported that he had been negotiating the terms of possible collaboration with prosecutors for about six months.
That reporting also described informal meetings between Kral and prosecutors in Poland as well as in locations including Sicily and parts of the Persian Gulf, where discussions reportedly focused on the structure of a potential deal.
Allegations tied to political connections
In the newest Onet report, the outlet says Kral is seeking a lighter sentence by offering testimony that could include details about alleged Zondacrypto involvement with funding right-wing politicians.
The political angle is not new to the Zondacrypto case. Onet previously reported that Zondacrypto had acted as a key sponsor of Poland’s Conservative Political Action Conference (CPAC) shortly before the second round of the presidential election, which was won by Karol Nawrocki.
Onet also notes that in its final year, Zondacrypto spent 37 million zlotys on advertising with broadcaster Telewizja Republika. The outlet further claims that companies owned by Kral made payments to foundations linked to politicians Zbigniew Ziobro and Przemysław Wipler.
What Kral said earlier about the missing Bitcoin
Since mid-April, Kral has remained publicly silent on X after disclosing that Zondacrypto was unable to access a cold wallet reportedly holding about 4,500 Bitcoin. Earlier coverage from Cointelegraph noted the wallet access issue and described the resulting withdrawal crisis.
Kral has denied accusations of misappropriating customer funds. He said the private keys for the wallet were intended to have been transferred by Zondacrypto founder and former CEO Sylwester Suszek, who has been missing since 2022.
That explanation has been central to how the case has been discussed publicly: rather than conceding fund loss, Kral pointed to an alleged custody and key-transfer failure involving Suszek. Prosecutors’ latest estimates and alleged diversion of funds, as described by Onet, suggest investigators view that narrative differently.
Unanswered questions as the probe expands
As the case moves into the cooperation phase, several issues remain unclear based on the available reporting. Onet’s claims focus on the scale of customer losses and the alleged path of diverted funds, but they do not establish in detail how investigators quantify losses or reconcile them with any remaining assets, including the purported cold wallet.
Cointelegraph reported that it was unable to reach Kral or Zondacrypto for comment. The outlet said email addresses connected to the exchange were unavailable after Kral’s April disclosure about the wallet access problem.
For investors and market participants, the Zondacrypto situation underscores a persistent pattern seen in major exchange collapses: customer assets may be at risk not only through outright theft, but also through custody failures, opaque internal controls, and use of funds in ways that do not align with client expectations. The investigation’s alleged findings—customers’ funds being partially used for purchases while the rest allegedly moved to private accounts—highlight why transparency around wallet management and auditability matters, especially in jurisdictions where recovery and enforcement can take time.
Readers should watch next for what Kral’s cooperation ultimately produces in court filings—particularly whether testimony about alleged political funding is corroborated by evidence and how prosecutors account for the missing Bitcoin and any other recoverable funds. The case also raises broader questions about how regulators and law enforcement will evaluate the relationship between exchange operations, third-party entities, and political influence when rebuilding trust after a collapse.
