Przemysław Kral, the head of the collapsed cryptocurrency exchange Zondacrypto, has reportedly been charged with participating in an alleged large-scale fraud and has begun cooperating with Polish prosecutors.
According to a report by Polish outlet Onet, Kral is seeking a reduced sentence in exchange for testimony that could potentially include details about Zondacrypto’s funding of right-wing politicians.
Prosecutors estimate that Zondacrypto customers lost at least 2.4 billion Polish zlotys, equivalent to approximately $650 million. Investigators state that the exchange used only a portion of customer funds to purchase cryptocurrency, with the remainder allegedly transferred to private accounts controlled by Zondacrypto managers.
Onet reported that Kral had spent six months negotiating the terms of possible cooperation with prosecutors. These discussions reportedly involved informal meetings in Poland, Sicily, and Persian Gulf countries to discuss a potential deal.
Kral has denied accusations of misappropriating funds. He has remained silent on X since mid-April, when he publicly disclosed that Zondacrypto could not access a cold wallet containing roughly 4,500 Bitcoin. At the time, Kral stated that the wallet's private keys were supposed to have been transferred by Zonda founder and former CEO Sylwester Suszek, who has been missing since 2022.
Investigative details highlight several high-profile expenditures by the platform. Zondacrypto served as the main sponsor of the Conservative Political Action Conference held in Poland shortly before the second round of the presidential election won by Karol Nawrocki. Additionally, the exchange spent 37 million zlotys on advertising with broadcaster Telewizja Republika during its final year, while companies owned by Kral made payments to foundations connected to politicians Zbigniew Ziobro and Przemysław Wipler.
