The troubles facing Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of frozen or delayed customer withdrawals, the company has drawn the ire of Prime Minister Donald Tusk, who alleged that Zondacrypto sponsored politicians who opposed crypto market regulation. Tusk claimed that these politicians were acting in the exchange's interests when they blocked the legislation. The exchange has ties to Russia and had previously provided financial support to lawmakers.
Tusk's comments came after Zondacrypto's CEO, Przemysław Kral, attempted to address allegations that the company was using investors' funds to supplement its dwindling reserves. Kral revealed that the exchange owns a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million, but is unable to access the funds due to a missing private key. The key was not handed over by the previous CEO, Sylwester Suszek, when he left the company in 2021, and he has since gone missing.
Zondacrypto has been dealing with reports of frozen or delayed customer withdrawals since late March, but Kral denies any misuse of client funds and claims the exchange remains profitable. The situation has sparked a broader campaign against the company, with Kral citing political pressure, regulatory interference, and coordinated media coverage as contributing factors to the surge in withdrawal requests.
An analysis by blockchain intelligence firm Recoveris found that bitcoin balances in hot wallets tied to Zonda have dropped by about 99% since mid-2024. The controversy surrounding Zondacrypto is not new, with the company having faced scrutiny in the past over its ties to individuals with criminal records and its unauthorized financial activities. In 2019, Poland's Financial Supervision Authority placed BitBay, Zondacrypto's predecessor, on its public warning list, and in 2024, an investigative report identified a shareholder with a criminal record. The Office of Competition and Consumer Protection has been investigating Zonda's owner, BB Trade Estonia, since January 2025 for violating consumer interests.
Kral has attributed the reports of declining reserves to a 'fundamental analytical error' and has emphasized that the platform is stable, solvent, and secure. The ongoing controversy has led to increased scrutiny of Zondacrypto, with many calling for greater transparency and accountability from the company.