Poland's Prime Minister Accuses Zondacrypto of Influencing Legislation Amidst Withdrawal Delays

The troubles facing Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of frozen or delayed customer withdrawals, the company has drawn criticism from 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. In an attempt to address allegations that the company was using investors' funds to bolster its dwindling reserves, Zondacrypto CEO Przemysław Kral took to social media to assure the public that the exchange has sufficient reserves. However, he revealed that the company owns a bitcoin wallet containing approximately 4,500 BTC, worth around $330 million, but is unable to access the funds due to a missing private key from a former CEO who has been missing since 2021. Kral attributed the situation to a broader campaign against the company, citing political pressure, regulatory interference, and coordinated media coverage that led to a surge in withdrawal requests. The company has faced reports of frozen or delayed customer withdrawals since late March, despite Kral's denial of any misuse of client funds. 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 has been ongoing, with the company having been placed on Poland's Financial Supervision Authority's public warning list in 2019 for unauthorized financial activities. In 2024, an investigative report identified a shareholder with a criminal record, and in 2025, the Office of Competition and Consumer Protection launched an investigation into Zonda's owner for violating consumer interests. Kral has attempted to reassure the public that the company is stable and secure, but the situation remains uncertain.