Nowadays, Conotoxia is one of the most promising companies in its sector. However, the Polish authorities prefer to overlook its true potential. Instead, some officials and investigators utterly ignore the huge assets, the gigantic potential for further growth, and the powerful claims to which Conotoxia is entitled.
Huge assets: algorithms, software, know-how, people, IP
Western markets have long understood that the real value of high-tech companies is not walls or machines but patents, algorithms, software and a team of experts. All of these are possessed by Conotoxia. The 'invisible treasures' mentioned above fire the imagination of investors in Silicon Valley, where one signature can attract hundreds of millions of dollars. In Poland, meanwhile, people are still looking for cracks in the whole thing and talking about debt as if it were the only indicator of financial strength. It sounds like a mental return to the era of calculators from communist Poland. Poland values technology companies as it did in the past, while the world has long invested billions in innovation. This situation represents a significant hindrance to development.
Gigantic growth potential
Conotoxia consistently integrates the key pillars of the modern digital economy: blockchain, AI, machine learning or cloud computing. This gives the company the ability to immediately scale its financial processes while maintaining the highest security standards and reducing operating costs. Advanced machine learning algorithms not only support intelligent credit risk analysis but also accurately predict exchange rate trends, enabling real-time decision-making.
At the same time, the flexible cloud infrastructure ensures that the platform maintains the highest quality of service even when the number of customers is growing rapidly. In practice, this translates into faster, more convenient and innovative financial services, and at the same time, is only the beginning of Conotoxia's further dynamic expansion in the fintech industry.
Court proceedings of gigantic value
Three ongoing court proceedings totalling approximately PLN 100 million have been pending for several years. Even a potential partial settlement in the company's favour would mean revenue far in excess of any users' claims.
Further lawsuits are in preparation. We are basing them on solid legal and factual grounds, which significantly increases the total value due to the company. The amounts we are claiming are also many times higher than any arrears owed to customers.
Prosecution - investigation
The investigation carried out by the Public Prosecutor's Office in Poznan, Poland, is essentially an examination of the effects of the Polish Financial Supervisory Authority (KNF)'s decisions and a classic search for a 'scapegoat' to protect the Authority itself from liability - both criminal and financial - for the mistakes it made. No judge in the European Union or the United States will accept such a dubious argumentation on which the prosecution persistently relies. Instead of thoroughly addressing the facts of the case, the representatives of the law enforcement agencies appear to defend the interests of the KNF while ignoring the real harm suffered by the company and its customers.
The Authority was fully aware of the serious consequences that its decision would bring - from the loss of a source of income for many people to the collapse of small businesses and even depression and personal drama. If these situations escalate, the KNF will have to face responsibility, as it knowingly took actions that hit the company and its customers. Government officials, including the CEO of one of the banks acting as a lobbyist, should be held accountable for decisions that have caused enormous social and economic damage.
Meanwhile, the prosecution is going ahead with claims that the company's owner allegedly acted to the detriment of users. At the same time, the valuation of the entire Conotoxia Holding reached several billion Polish zloty. Maintaining such a version is simply ridiculous. It is hard to escape the impression that those conducting the investigation should recall the fundamentals of mathematics back at the primary school level so as not to expose themselves to embarrassment in the eyes of international opinion.
Importantly, the Prosecutor's Office should first familiarise itself with the allegations and Conotoxia's notifications regarding the suspicion of an offence by the KNF's employees. At the same time, complete documentation of the companies' valuations and legal materials should be taken into account, including letters challenging the KNF's decision. Ignoring this evidence and focusing only on attempts to 'prove the owner's guilt' may be interpreted as an attempt to hide irregularities on the part of financial supervision.
It must also be remembered that our companies - until the post-audit recommendations ordering the elimination of Cinkciarz.pl sp. z o.o., a company within Conotoxia Holding, as an agent of Conotoxia sp. z o.o. - were operating stably, performing thousands of timely transactions daily. This efficient customer service stands in stark contrast to the KNF's and the prosecution's claims about the alleged detrimental nature of the owner's activities. In fact, the Authority's actions, not the company's, led to the current chaos and losses, the full scale of which has still not been reliably assessed.
Prosecution - blockage of accounts
We stand unequivocally that the actions of the Public Prosecutor's Office were unlawful. By blocking the business bank accounts, the prosecutor will have to explain itself to the more than 800 affected service users and consider the consequences suffered by the more than 200 employees who were denied timely payment of their salaries. Among the employees are those on sick leave, still awaiting a formal change to the payment system by the Social Insurance Institution (a procedure that takes around six months). In practice, the prosecution's actions may lead to a situation in which the company's employees - hitherto always paid on time - are directly affected by the flawed decisions so that they may mistakenly blame the owner instead of the person actually responsible for the account blockages.
Conotoxia unsuccessfully tried to obtain the contents of the prosecution's decision from the banks, but each refused to issue a decision despite their statutory obligation. As a result, the company only received the letter in this case on 8 January 2025 and has seven days to appeal the damaging decision of the Prosecutor's office.
We should emphasise that the real responsibility for the damage falls on the Prosecutor and not on the company's owner, who has always met his payroll obligations to his employees on time over the past 14 years.
Accounts blocking - devastating consequences
Blocking business bank accounts not only significantly delays the disbursement of funds to users but, above all, prevents revenue generation. Such action undermines the fundamental principles of running a business and contradicts the law - from the constitutional protection of property and economic freedom, to EU regulations and international provisions.
The scale of daily revenues that have been blocked
Cinkciarz.pl:
- 2022: PLN 80,040,812.68 revenue
- 2023: PLN 68,007,861.27 revenue
- Average daily revenue for the last two years: PLN 202,806.395
Conotoxia:
- 2022: PLN 17,177,625.42 revenue
- 2023: PLN 17,936,213.36 revenue
- Average daily revenue for the last two years: PLN 48,101.14
In total, both companies' daily revenue averaged PLN 250,907.535. However, due to the accounts blocking, this amount no longer contributes to the companies' daily activities.
Basis for compensation claims
Given the total inability to conduct business and the earlier decisions of the KNF employees that led to this situation, the companies indicate that each day of accounts being blocked will result in losses accruing. This amount - an average of PLN 250,000 per day - will be included in the compensation claims, directly charging the Prosecutor responsible for issuing the blocking decision and the KNF employees.
The described actions are not justified by the criteria of proportionality or legality and violate a number of national (including constitutional), EU and international laws. As a result, they strike at the very foundations of the stability and development of the Polish fintech sector, threatening both the interests of companies and the rights of their customers, employees and owners.
Conotoxia Holding - bankruptcy, insolvency, restructuring
We are by no means considering such an option.
Management Board of Conotoxia Holding