Polish prosecutors have charged Roman Ż., a former business partner of missing BitBay founder Sylwester Suszek, as they broaden their investigation into the collapse of the exchange that later operated under the Zondacrypto name. The new case marks at least the fifth set of charges filed after authorities linked the exchange probe to the separate inquiry into Suszek’s disappearance.
The exchange, founded as BitBay in 2014, had more than 1 million registered users by the time it rebranded in 2021. Prosecutors say the failure has left customers with estimated losses of at least 350 million zlotys, or about $94 million, and they had received more than 3,600 complaints by June.
Arrest and charges
Roman Ż. was arrested in Poland’s Silesian region. Prosecutors charged him with two offenses, including fraud, and said they would ask the court to place him in pretrial detention.
The second allegation has not been publicly described. Ż. denied the charges, and his lawyer said he had helped manage BitBay before it became Zonda. According to prosecutors, he also gave investigators an extensive account during questioning.
Authorities said the arrest was ordered because they feared he might flee after learning he planned to travel to China. A court is now expected to decide whether he will remain in custody while the case proceeds.
How the exchange unraveled
The prosecution step comes after months of disruption around the exchange’s operations. In late February, the company disclosed payment delays affecting some clients. On March 17, it suspended bitcoin deposits, citing market volatility.
Trading later stopped in April after customers reported frozen or delayed withdrawals, and the website subsequently went dark. Estonia’s financial intelligence unit also partially suspended the license of BB Trade Estonia OÜ, the entity behind the brand, preventing it from accepting new assets.
A larger fraud and money-laundering inquiry
Polish prosecutors opened an investigation into suspected large-scale fraud and money laundering following the exchange’s collapse. Customer losses are currently estimated at no less than 350 million zlotys.
The case has grown significantly in scope. By June, prosecutors had logged more than 3,600 complaints, underscoring the number of users trying to recover access to funds or explain what happened during the platform’s breakdown.
Link to Suszek’s disappearance
The investigation is also tied to the unresolved disappearance of Sylwester Suszek, who founded BitBay and served as its chief executive before leaving the company. Suszek went missing in March 2022, several months after the business rebranded as Zondacrypto.
In August, prosecutors merged the exchange case with the inquiry into Suszek’s disappearance. They said the circumstances surrounding the creation and operation of BitBay could help determine what happened to him. During searches connected to Roman Ż.’s arrest, police seized valuable watches and documents related to Zondacrypto.
The next confirmed step is the court’s decision on prosecutors’ request for pretrial detention for Roman Ż., while the wider investigation into the exchange and Suszek’s disappearance continues.
Source: www.coindesk.com