Cinkciarz.pl (Conotoxia Holding) reported today (Thursday) that the prosecutor's office has launched an investigation against the country's Financial Supervision Authority (KNF) in response to a complaint filed by the Polish fintech.

However, Finance Magnates obtained information directly from the prosecutor's office, confirming that the request to initiate an investigation had actually been dismissed. The question remains—why did Conotoxia issue an official statement that does not align with the facts?

First Toilet Paper, Then False Lawsuit Claims

On Thursday, Conotoxia distributed an official statement to the media, claiming that the District Prosecutor’s Office in Jelenia Góra had initiated an investigation against the KNF for an alleged regulatory breach. This marked another escalation in the ongoing conflict between the financial watchdog and the fintech company after the regulator revoked the firm's payment license last year.

However, according to information obtained by Finance Magnates from the KNF, no such investigation had been initiated. The commission declined to provide further detailed comments.

Meanwhile, the press office of the Jelenia Góra prosecutor's office confirmed what the KNF had suggested: Conotoxia misrepresented the facts about the investigation.

“I hereby inform you that, by decision dated February 19, 2025 (Ref. No. 3043-2Ds.4.2025), the District Prosecutor’s Office in Jelenia Góra has refused to initiate an investigation,” commented Ewa Węglarowicz-Makowska, Spokesperson for the District Prosecutor’s Office in Jelenia Góra.

All of this comes amid an unusual move by Conotoxia, which announced its expansion yesterday (Wednesday) into the… toilet paper business—branded with a design referencing the KNF’s logo.

What Was Conotoxia’s Complaint About

The allegations raised by Conotoxia centered on potential abuses of power and false accusations by KNF officials and a prosecutor from the Regional Prosecutor’s Office in Poznań.

• The fintech company accused KNF officials of unlawfully exceeding their authority by conducting an unjustified inspection of Cinkciarz.pl, which allegedly led to the revocation of its license and financial damage to the company.
• Additionally, the Director of the Criminal Affairs Department of the KNF was accused of knowingly filing a false criminal complaint against the company's executives, alleging violations of accounting and financial regulations.
• A prosecutor from the Regional Prosecutor’s Office in Poznań was also implicated in improperly initiating a criminal investigation based on these accusations despite insufficient evidence.

However, after reviewing the case, the District Prosecutor’s Office in Jelenia Góra determined that there were no legal grounds to proceed with an investigation.

“On January 30, 2025, the notification was received by the District Prosecutor’s Office in Jelenia Góra and registered under Ref. No. 3043-2Ds.4.2025. After conducting preliminary verification activities, the prosecutor issued the above substantive decision, finding no grounds to initiate an investigation,” added Węglarowicz-Makowska.

No Investigation Against KNF, But One Against Conotoxia

While the reasons behind Conotoxia’s false press release remain unclear, another pressing issue persists—the company itself remains under investigation.

This probe reportedly began in October following a KNF warning. According to Polish media, the case involves a complaint from 1,200 customers who claim they have been unable to access their funds.

What is confirmed is that authorities have frozen 328 bank accounts linked to the fintech company and seized USB drives containing Bitcoin worth $50 million, allegedly belonging to CEO Marcin Pióro.

Adding to the controversy, Pióro’s wife, known on social media as Victoria Ebermann (the account was deleted), has been documenting an extravagant lifestyle and lavish spending, further fueling speculation about the company’s financial dealings.