On June 29, two months after Zondacrypto’s website shut down, the Estonian Financial Intelligence Unit revoked the license of its parent company. Zondacrypto has been the subject of speculation in both Poland’s Parliament and its news media over whether it was a legitimate company simply upended by bad bets on crypto, or a criminal enterprise that had been set up to launder money. Bitcoin has lost half its value since October. Prosecutors in Katowice have opened an investigation into the “circumstances surrounding the establishment and operation” of Zondacrypto. Perhaps the one person who could provide answers is Mr. Kral, who has not been seen in four months. There have been several unconfirmed sightings of him, in Israel, Botswana and Dubai. Mr. Nogacki, the lawyer representing the exchanges’s clients, thinks Mr. Kral is probably in Southeast Asia. But he says he is sure of only one thing about Zondacrypto: “It was a fraud from the first day.”