As “Puls Biznesu” writes, Femion Technology from NewConnect plans to decide on its own liquidation.
During the general meeting scheduled for May 15, shareholders will not only appoint a new supervisory board – after the previous one resigned – but also decide to dissolve the company and appoint a liquidator. There are also plans to sell the subsidiary TryPay, which was responsible for the actual operational activities, as “Puls Biznesu” writes.
Femion Technology's problems were directly related to the zondacrypto situation. The main shareholder of the company is Przemysław Kral, and as much as 69 percent. revenues came from the Estonian BB Trade, the stock exchange operator.
After the scandal broke out, cooperation was immediately broken off, which triggered an avalanche of problems – from restructuring and cost cutting to the insolvency of the TryPay subsidiary and its bankruptcy filing.
Crisis and stock decline
The crisis quickly spread to management – members of the supervisory board, the president and the TryPay staff left their positions, and January Ciszewski and JR Holding withdrew from the investment, writes “Puls Biznesu”.
As a result, the share price of Femion Technology fell by over 80%. within a month, and its capitalization dropped to approximately PLN 1 million.
- Read also: What's happening at Zondacrypto? This is the whole truth about cryptocurrencies
Zondacrypto scandal. What is it about?
The media wrote at the beginning of April that the largest Polish cryptocurrency exchange may have serious liquidity problems. Journalists' analysis revealed a 99% decline in the Zondacrypto exchange's bitcoin reserves, and users still reported problems with withdrawing funds.
After the prosecutor's office initiated proceedings, the amount of damage was estimated at at least PLN 350 million, but – as investigators noted this week – it increases with each passing day, as does the number of victims. This week, the prosecutor's office appealed to the victims to take screenshots of their accounts on the Zondacrypto website.
- Read also: Zondacrypto in trouble. Another club wants to terminate the contract
As the president of the Zondacrypto stock exchange, Przemysław Kral, stated in mid-April, the entity will own a portfolio of 4.5 thousand. bitcoins worth over $300 million, but – according to Kral – the keys to it are supposed to be held by the missing Sylwester Suszek, the founder of the BitBay exchange, the predecessor of Zondacrypto. Suszek, referred to as the “king of cryptocurrencies”, went missing in March 2022.
The Zondacrypto scandal is widely described in Business Insider Polska.
