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Cinkciarz.pl collapses after withdrawal problems and loss of license
The downfall of Cinkciarz.pl and the arrest of Marcin P. after 1.5 years abroad
Marcin P. was detained in the United States more than 1.5 years after leaving Poland. Before that, he had publicly attacked banks and state institutions, and media reports say he had tried to hide in the U.S. military before his arrest.
The Cinkciarz.pl case began with delays in paying out clients’ funds. In September 2024, customers complained about waiting for hours for transfers, and a few weeks later the currency exchange operator lost its licence to provide payment services.
Inspectors from KNF accused the company of mixing its own money with clients’ funds. Over time, transfer delays got longer until payouts stopped altogether. The savings of thousands of people were stuck in the exchange’s accounts, and later actions by prosecutors showed that money that should have been there was missing.
According to findings described in the case, the shortfall may have reached 150 mln złotych. Customers waited days for their money, and some even reported problems when contacting the helpline. At the same time, the company and its president portrayed themselves as victims of an attack by the state and the banking sector.
Accusations against the state, losses in the accounts and the investigation
Marcin P. and Conotoxia, the company he headed, said they planned to transform it into a bank with a million customers. In their version of events, the obstacle was supposed to be an attack by KNF and actions by competitors. Public statements also included threats of lawsuits worth 7,5 billion against financial institutions.
At the same time, reports said Marcin P. transferred properties he owned in Zielona Góra to a family member. He did so 3 days after KNF took away the licences of his companies, and then he left for the United States.
The Regional Prosecutor’s Office in Poznań opened an investigation in early October 2024. At the end of the month, CBŚP officers raided the company’s headquarters, and searches also covered homes transferred to the president’s family.
In January 2025, Marcin P. accused officers of stealing 5 pendrive’ów with data for 33 cryptocurrency wallets holding 492 bitcoins. The prosecutor’s office did not comment on these claims, and he himself provided no evidence to support his version. Hardware cryptocurrency wallets were not listed in the search records.
During the investigation, several people connected to the company were charged, including a management board member, the chief accountant and four more people in early 2026. Prosecutors now estimate Cinkciarz.pl customers’ losses at no less than 185 mln zł.
From media statements to bankruptcy and an arrest in the U.S.
In the second half of 2025, the currency exchange’s president stopped publicly attacking KNF and customers on social media. Earlier, he had even announced plans to produce toilet paper with the inscription “KNF”, supposedly standing for “Kocham Najbardziej Finanse”.
In one post, he also responded to critics in harsh language and insisted he could deal with the “pathology of the Polish system”. At the same time, the company had been posting losses for years, and its financial results offered no basis for a calm assessment of the situation.
According to an analysis of Conotoxia Group’s reports, the owner of Cinkciarz.pl, not a single year of its 8 years of activity ended in profit. Losses kept growing and by the end of 2023 were close to 200 mln zł. At the same time, management paid itself 68 mln zł in compensation, and the group used revolving loans worth 133,5 mln zł.
On 28 October 2025, the court declared the exchange bankrupt, and a trustee took over the company. On 19 May, Marcin P. was arrested in the U.S., which Polish media learned about 2 days later. According to unofficial findings, he was detained at a military training ground in Missouri, where he was taking part in training.
He was added to the Interpol list in July 2025. A red notice was issued for him on fraud and money laundering charges. The Cinkciarz.pl case remains one of the biggest collapses in the Polish retail currency-exchange market.
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