Polish prosecutors have launched a fraud investigation into Zondacrypto after its chief executive reportedly fled to Israel, leaving millions in customer funds inaccessible.
Authorities estimate losses of at least 350 million zloty ($97 million), with as many as 30,000 users potentially impacted by the exchange’s collapse.
Chief executive Przemysław Kral confirmed before his disappearance that a cold wallet holding 4,500 bitcoin had become inaccessible.
The case is complicated by Kral’s reported presence in Israel, where his citizenship may shield him from extradition under local law.
Polish officials, including Deputy Interior Minister Czesław Mróczek, said there is no precedent for handling such extradition cases between the two countries.
Prime Minister Donald Tusk warned the scale of the incident could rival past financial scandals, as hundreds of victims come forward.
The exchange has not issued further statements, with the situation drawing comparisons to past crypto failures where executives vanished following disclosure of reserve shortfalls.
At the time of reporting, Bitcoin price was $77,417.49.