Blockchain teaches us that each transaction leaves a trace. Unfortunately, in the case of the president of Cinkciarz.pl, traces lead straight to one of the largest financial scandals of recent years in Poland. Are we dealing with a scandal comparable to Amber Gold? Over 7,000 applications were to be received by the prosecutor’s office!
Where is the president of Cinkciarz.pl?
Marcin P., President of the Management Board of Cinkciarz.pl, is currently sought after by arrest warrant by the Regional Prosecutor’s Office in Poznań. The prosecutor applied to the suspect arrest for 30 days from the moment of arrest. The problem is that to apply a detention, you must first catch a suspect. And this, according to the mainstream media, is currently outside Poland.
PLN 112 million – the amount lost by the currency exchange customers
Numbers in this matter are impressive, but unfortunately in a negative sense. According to the estimates of the prosecutor’s office, Cinkciarz.pl customers lost over PLN 112 million. This is an amount that could buy several thousand Bitcoins in the best times – but here nobody bought anything here, but lost his life savings.
Investigators have already received over 7,000 notifications from injured clients. This is an avalanche of complaints that buried the reputation of one of the largest Polish online currency exchange offices.
Bankchain bank accounts
In response to the scale of the problem, the prosecutor’s office blocked 328 bank accounts belonging to a company providing online currency exchange. The locks were extended to the second half of December, including not only Cinkciarz.pl, but also Conotoxia and Conotoxia Holding.
History does not end with the president. In March, Robert G., a member of the board, was detained, who was accused of cooperation in fraud. The man pleaded not guilty, but went to temporary detention. At the end of May, Monika J joined him.chief accountant of the company. Unlike colleagues from the board, the woman confessed to the alleged deeds and made “extensive explanations”.
25 years for fraud – high price of dishonesty
The Polish Financial Supervision Authority did not wait with arms folded. Already at the beginning of October, she withdrew permission to provide payment services to Conotoxia, which operated by Cinkciarz.pl agents.
The allegations against the main suspects are serious – the acts of which they are accused are punishable by up to 25 years imprisonment. The court found that the evidence “largely makes the accused’s guilt and that there is a risk of trial mathematics and hiding from law enforcement agencies.
Where is the money?
This question bothers thousands of injured clients and will probably be crucial in the ongoing investigation. In the world of blockchain, every satoshi has its own address and history of the transaction. In the case of Cinkciarz.pl, PLN 112 million simply … disappeared. Was the money abroad? Are they hidden on offshore accounts? Or maybe they were “invested” in risky assets that have lost their value? The prosecutor’s office will have to answer these questions, but one thing is certain – customers are still waiting for their funds.
Lesson for the future
The history of Cinkciarz.pl is another reminder that in the world of finance (both traditional and digital) trust is built for years and loses in seconds. PLN 112 million and thousands of injured customers are the price that was paid for too easy trust and lack of adequate supervision.
Maybe it’s time to finally take the idea of “Don’t Trust, Verify” and not only in the context of the world of cryptocurrencies, but all financial services?
