Losses from Zondacrypto crash exceed $95M as Polish exchange halts withdrawals

Poland’s leading crypto exchange Zondacrypto halted withdrawals amid liquidity concerns, with prosecutors now probing possible fraud after clients lost access to more than 350 million złoty (over $95M). Recoveris flagged a >99% collapse in reserves and Zonda’s CEO acknowledged loss of access to a wallet holding 4,500 BTC (~$330M at announcement). The platform has sent termination agreements to staff, seen mass resignations, and may owe customers up to 500 million złoty. An estimated ~30,000 users could be affected. Legal experts say users can pursue compensation and lawsuits in Poland and Estonia, including claims against the company, its directors and potentially the State Treasury — a development tied to Poland’s stalled MiCA implementation. Market impact: the episode undermines local crypto confidence, may spur regulatory scrutiny, and could prompt outflows or reduced participation in Polish crypto markets while legal proceedings unfold.