Former BitBay Partner Charged as Zondacrypto Investigation…

Polish prosecutors have charged a former business partner of Sylwester Suszek, the missing founder of BitBay, as they widen their investigation into the collapse of the cryptocurrency exchange later known as Zondacrypto.

The suspect, identified only as Roman Ż., was detained on Sept. 5 in Poland's Silesian region. Prosecutors allege he belonged to an organized criminal group and took part in the misappropriation of 7.8 million zlotys (about $2.1 million) of customer funds. He faces two charges, including fraud, and prosecutors have asked the Katowice-Wschód District Court to hold him in pretrial detention, citing the risk that he could flee or obstruct the inquiry. Roman Ż. denies the allegations and has given investigators a detailed statement. His lawyer, Błażej Gazda, said he had previously helped manage BitBay before it was renamed Zonda. The arrest makes him at least the fifth person charged since prosecutors merged the exchange investigation with the inquiry into Suszek's disappearance.

Mounting losses

Zondacrypto halted trading in April after customers reported frozen or delayed withdrawals, having already flagged payment delays for some clients in late February and suspended Bitcoin deposits on March 17, citing market volatility. Its website later went offline. Authorities estimate customer losses at no less than 350 million zlotys, or roughly $94 million, with more than 3,600 complaints submitted to prosecutors by June. Investigators are examining suspected large-scale fraud, money laundering and the possible diversion of customer assets, alleging funds were misappropriated through unauthorized changes to computer records and interference with the processing and transmission of exchange data. About €4 million held in one bank account has reportedly been frozen.

The exchange's Estonian operator, BB Trade Estonia OÜ, had its license partially suspended by the country's financial intelligence unit, which also barred it from accepting new assets. The entity was declared bankrupt in August, and its first creditors' meeting is scheduled for Sept. 17.

The case traces back to BitBay, founded by Suszek in 2014, which grew past 1 million registered users before rebranding as Zondacrypto in 2021. Suszek served as chief executive before leaving the company and disappeared in March 2022, several months after the rebrand. Prosecutors say examining how BitBay was created and operated could help establish what happened to him.

Three other suspects — stock investor Rafał Z., Jaromira W. and Anna P. — were detained on Sept. 2 and charged over allegations including money laundering, misappropriation of company assets and participation in an organized criminal group; a court ordered them held for up to three months. Radosław Piesiewicz, president of the Polish Olympic Committee, has also been charged with paid protection and with favoring one group of Zondacrypto creditors as the exchange moved toward insolvency. He denies wrongdoing. Police searching properties linked to Roman Ż. seized valuable watches and documents related to Zondacrypto; prosecutors moved to arrest him after learning he planned to travel to China, which his lawyer said was a business trip with a return ticket for Sept. 13.