Polish Prosecutors Charge Fifth Suspect in $94M Crypto Exchange Probe

Polish prosecutors have charged a fifth individual in connection with a massive investigation into the collapse of crypto exchange Zondacrypto, formerly known as BitBay.

The exchange halted trading in April 2024 after customers reported frozen withdrawals, with estimated losses reaching at least $94 million. The probe centers on allegations of mismanagement and potential fraud leading to the platform’s failure.

Zondacrypto, which rebranded from BitBay in 2021, was once one of Poland’s largest cryptocurrency trading platforms. The charges mark a significant escalation in the legal proceedings against those allegedly responsible for the substantial investor losses.