Zondacrypto collapses, actual controller suspected to be hiding in Dubai

According to Cryptopolitan, the European cryptocurrency exchange Zondacrypto has gone bankrupt, with customer losses potentially exceeding $100 million. Polish media Onet Wiadomo ś ci revealed that the official head of the exchange appeared in Dubai with a man nicknamed "Maniek", who was accused of being the actual controller, while CEO Przemys ł aw Kral was only a "front runner". Kral disappeared after the company's reserves were exposed to have decreased by over 99%, and is now confirmed to be in the United Arab Emirates. Zondacrypto, formerly known as BitBay founded in 2014, was taken over and renamed by Kral in 2021, and relocated to Estonia for operation.