The mastermind behind the collapse of the European cryptocurrency exchange Zondacrypto may be hiding in Dubai.

CoinFeed reported on May 9th that, according to Cryptopolitan, the actual controller of the recently collapsed European cryptocurrency exchange Zondacrypto is reportedly hiding in Dubai, and the exchange's customers may have lost more than $100 million. Polish media outlet Onet Wiadomości revealed that Zondacrypto's official head was in Dubai with a man nicknamed "Maniek," who is believed to be the true controller of the crypto business, while CEO Przemysław Kral was merely a "front man." Kral disappeared after reports surfaced that the company's reserves had fallen by more than 99%, and was previously thought to have fled to Israel, but is now confirmed to be in the UAE. The exchange was formerly known as BitBay, founded in 2014, and was taken over by Kral in 2021, renamed Zondacrypto, and relocated to Estonia.