Poland's leading cryptocurrency exchange, Zondacrypto, is embroiled in a major fraud investigation following accusations of operating a Ponzi scheme. The platform's former CEO vanished in 2022, allegedly taking with him the private key to a cold wallet containing 4,500 bitcoins, valued at over $340 million. The current CEO, who has reportedly fled to Israel, admitted he cannot access the wallet, with potential customer losses estimated at $97 million. On-chain data reveals a dramatic 99.7% drop in Zondacrypto's hot wallet bitcoin balance since mid-2024, and users have reported significant withdrawal issues. Polish Prime Minister Tusk claims up to 30,000 users may be affected and accused the platform of being funded by Russian-linked capital to disrupt Poland's cryptocurrency regulations. The board of Zondacrypto has resigned, citing a lack of "verifiable information" from the missing CEO. This scandal is likely to lead to increased regulatory scrutiny of crypto exchanges in Poland and the EU.