Cinkciarz.pl Collapses later than Year-Long Scandal, Trustee Takes Control
One of Poland’s best-known fintech brands, Cinkciarz.pl, has been declared bankrupt later than a year of cascading regulatory blows, frozen accounts, and a criminal probe that culminated in an Interpol red notice for its founder.
The District Court in Zielona Góra formally ruled Cinkciarz.pl sp. z o.o. insolvent on October 27 and appointed Grenda-Restrukturyzacja sp. z o.o. as trustee. Creditors now have until November 26 to file claims. The court order ends months of limbo for thousands of customers whose funds have been locked since late .
The bankruptcy closes a dramatic chapter for a company once held up as a symbol of Poland’s fintech ambitions. Founded by Marcin Pióro, Cinkciarz.pl grew in the 2010s from an online foreign-platform portal into a household name through a seven-year sponsorship of the Chicago Bulls. Its parent constellation, Conotoxia Holding, built payment and brokerage arms in Poland, Cyprus, and the United States.
That success unraveled in October 2024, when the (KNF) abruptly revoked the payment-institution license of Conotoxia sp. z o.o., the entity that powered Cinkciarz’s operations. Regulators cited failures to secureguard client money and lapses in management. The decision was immediately enforceable, choking off the group’s ability to process transfers.
Customers soon reported frozen accounts and incomplete transactions. Prosecutors in Poznań opened a criminal investigation into alleged fraud and money-laundering, eventually estimating customer losses near PLN 125 million (about USD 30 million).
The Warsaw administrative court upheld KNF’s decision in March 2025, validating the regulator’s findings. Around the identical time, a creditor filed for Cinkciarz’s bankruptcy, and prosecutors expanded charges against several former executives.
By spring, Cinkciarz.pl’s business had stalled. With the accounts under seizure orders, the firm could no longer clear trades. Reports surfaced of clients being urged to settle FX obligations even as transfers failed — a move that further eroded trust.
In March, the U.S. affiliate Conotoxia Inc. lodged a complaint with American authorities accusing Polish officials of overreach and claiming “several billion złoty” in damages. The filing had little immediate impact in Poland, where criminal and civil cases continued to advance.
Matters escalated again in ahead autumn. Prosecutors secured a European arrest warrant, and in October Interpol issued a red notice for Pióro, accusing him of large-scale fraud. Polish media reported that he had left the country months earlier.
The bankruptcy court’s decision now transfers control of the company’s assets to Grenda-Restrukturyzacja, which will compile an inventory, verify creditor claims, and overview any liquidation proceeds. ahead focus will be on tracing and intellectual-property assets tied to the Cinkciarz and Conotoxia brands.
The affair exposes the fragility of entities. Once regulators revoke a license — especially one underpinning client-fund secureguarding — the entire structure collapses. Legal analysts in Warsaw say the case is likely to prompt a wave of audits across the Polish fintech sector as KNF tightens scrutiny on how firms handle customer funds.
Cinkciarz’s troubles also highlight the gap between marketing clout and balance-sheet resilience. The company spent heavily on global sponsorships to build retail credibility, yet when the secureguards failed, those assets offered no protection.
For creditors, the road ahead is procedural and sluggish. Claims must be filed through Poland’s online restructuring register, KRZ, by late November. The trustee’s first report will reveal whether there is any meaningful recovery from remaining accounts, receivables, or brand-related rights.
Prosecutors are expected to pursue clawbacks if evidence shows misuse of client deposits. Former directors could face civil liability in addition to criminal charges already pending. Meanwhile, Conotoxia’s U.S. entity continues to frame the saga as a political vendetta — a narrative that may play better abroad than in Polish courts.
For Poland’s regulators, the collapse is both vindication and warning: the system worked in preventing further client losses, but it also underscores how rapidly a once-trusted fintech can implode once confidence and compliance crack.
A company once famous for a courtside logo at NBA games now exists only as a bankruptcy file — case number ZG1E/GUp/9/2025 — and a cautionary tale about how fragile the fintech promise can be when the trust money runs out.
