The troubles facing Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of frozen or delayed customer withdrawals, the company has come under fire from Prime Minister Donald Tusk, who alleged that Zondacrypto had sponsored politicians who opposed crypto market regulation.
Tusk claimed that these politicians were acting in the best interests of the exchange, which has ties to Russia and had previously provided them with financial support. This accusation came a day after Zondacrypto's CEO, Przemysław Kral, attempted to alleviate concerns that the company was misusing investor 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 from the previous owner, former CEO Sylwester Suszek, who has been missing since 2021.
Kral denied any misuse of client funds and stated that the exchange remains profitable, framing the situation as part of a broader campaign against the company. The controversy surrounding Zondacrypto has been ongoing, with the company facing reports of frozen or delayed customer withdrawals since late March. 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 company has a history of controversy, including being placed on Poland's Financial Supervision Authority's public warning list in 2019 for unauthorized financial activities.
In January 2025, the Office of Competition and Consumer Protection launched an investigation into BB Trade Estonia, Zonda's owner, for violating consumer interests. Kral has attributed reports of declining reserves to a 'fundamental analytical error' and stated that the platform is stable, solvent, and secure.
However, the situation has sparked a surge in withdrawal requests, with the company being forced to implement manual verifications due to the high volume of requests.