Poland’s Embattled Cinkciarz.pl Declared Bankrupt, Creditors Urged to File Claims

The District Court in Zielona Góra has declared online currency exchange Cinkciarz.pl bankrupt, triggering proceedings that could allow thousands of customers to recover lost funds. A trustee has been appointed to liquidate the company’s assets and oversee creditor claims, local media publication InteriaBiznes reported.

Discover how neo-banks become wealthtech in London at the fmls25

Bankruptcy Confirmed After Months of Financial Troubles

For over a year, Cinkciarz.pl users reported delays and failures in completing transactions. Some were waiting for amounts of a few hundred złoty, while others awaited tens or hundreds of thousands. The situation escalated in spring 2025 when one creditor, owed PLN 2 million, filed for bankruptcy.

The court supervisor, Łukasz Grenda of Grenda-Restrukturyzacja sp. z o.o., reviewed the bankruptcy petition and confirmed the company’s permanent insolvency. “The company lacks sufficient assets to repay all its creditors, and its legal situation is essentially incapable of continuing operations,” the report concluded. Grenda has now been appointed as the official bankruptcy Bankruptcy Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Read this Term trustee.

• Interpol Issues Red Notice for Cinkciarz.pl CEO Over Alleged $30 Million Fraud
• Cinkciarz.pl CEO Fraud Charges Expand to 150 Million as Court Rejects Appeals, Upholds Account Freezes
• Cinkciarz.pl CEO's International Manhunt Begins After Alleged $28M Fraud

Lawyers representing affected customers stress that bankruptcy is the only viable route to recover funds. “Without Cinkciarz’s bankruptcy, reclaiming their money would be impossible or significantly more difficult,” said Paweł Grzebień from the Sobota Jachira Law Firm.

“Not The End of the Story”

Logging into the company website is met with a bizarre message: “This is not the end of the story.” Creditors must report their claims to the trustee to participate in the distribution of Cinkciarz.pl’s remaining assets.

Claims must be submitted electronically through the National Debt Register (KRZ). Legal experts caution that the system is not intuitive and requires precise documentation. According to Piotr Zimmerman, legal counsel at Zimmerman Sierakowski Frosztęga, claims must comply with Article 240 of the Bankruptcy Law, include procedural elements, and meet statutory requirements, Business Insider reported.

Related: Conotoxia Files Complaint Against Poland in the US, Claims Losses of “At Least Several Billion Zlotys”

Criminal Investigation and Interpol Red Notice

Timing is critical: creditors filing within 30 days of the bankruptcy declaration, October 27, 2025, will reportedly avoid fees. The deadline to submit claims without penalty is November 26, 2025. Late submissions carry a fee of PLN 1,239.95. Creditors have also been advised to gather supporting documents proving their debts to increase the likelihood of recovery.

The bankruptcy comes amid ongoing criminal investigations. The Regional Prosecutor’s Office in Poznań launched an inquiry on October 3, 2024, filing charges in March 2025 for alleged fraud and money laundering. The total estimated losses for Cinkciarz.pl clients now approach PLN 125 million.