Poland's Prime Minister Accuses Zondacrypto of Influencing Legislation as Exchange Faces Mounting Problems

The troubles plaguing Polish cryptocurrency exchange Zondacrypto have intensified, with Prime Minister Donald Tusk linking the company to interference in legislative processes. This development comes on the heels of reports about frozen or delayed customer withdrawals, which have been plaguing the company since late March. In a parliamentary address, Tusk claimed that Zondacrypto had sponsored certain politicians who opposed crypto market regulation, implying that these lawmakers were acting in the exchange's interests. Tusk's comments were made ahead of a vote to overturn President Karol Nawrocki's veto of a law, according to an AP report. The exchange has ties to Russia and had previously provided financial support to lawmakers, Tusk said. The day before Tusk's comments, Zondacrypto CEO Przemysław Kral took to X to address allegations that the company was using investors' funds to bolster its dwindling reserves. In a statement and video, Kral asserted that the exchange had sufficient reserves and owned a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million. However, the company is unable to access these funds because the previous owner failed to hand over the private key and has since disappeared. Kral revealed the wallet address in an effort to dispel accusations of misappropriating funds. The private key was not transferred by former CEO Sylwester Suszek in 2021, when ownership of the exchange changed, and Kral took the reins. Suszek has been missing for four years. Zondacrypto has been dealing with reports of frozen or delayed customer withdrawals since late March, according to local news outlets. Kral denied any misuse of client funds and maintained that the exchange remains profitable. He made the inaccessible wallet public to demonstrate that the exchange has reserves, framing the situation as part of a broader campaign against the company. Kral cited supposed political pressure, regulatory interference, and coordinated media coverage as factors contributing to a surge in withdrawal requests. An analysis by blockchain intelligence firm Recoveris, cited by local news outlets, found that bitcoin balances in hot wallets tied to Zonda have dropped by about 99% since mid-2024. At one point, Kral threatened to take legal action against Polish news outlets covering the situation. The controversy surrounding Zondacrypto is long-running. In 2024, Polish investigative reporting by broadcaster TVN identified shareholder Marek K., who held a 35% stake, as a criminal sentenced to eight years in prison for complicity in a 1995 gangland murder and fined 45 million zlotys ($12.5 million) for VAT fraud. In 2019, Poland's Financial Supervision Authority (KNF) placed BitBay, the exchange's former name, on its public warning list for unauthorized financial activities. In January 2025, the Office of Competition and Consumer Protection, Poland's consumer protection agency, launched an investigation – still ongoing – into BB Trade Estonia, Zonda's owner, for 'violating the collective interests of consumers,' as reported by Fakt earlier this month. In an April 6 post on X, Kral attributed reports of declining reserves to a 'fundamental analytical error' stemming from a focus solely on hot wallets. At the time, Zonda was a 'stable, solvent, and secure entity.' Regarding withdrawal delays, Kral explained that the platform had processed tens of thousands of requests in a short period, far exceeding normal levels. The implementation of new, advanced security and transaction monitoring systems necessitated manual withdrawal verifications. The wallet presented as proof of reserves has seen minimal recent activity, with onchain data showing no outgoing movements and a total of 32 receiving transactions. As for the veto vote, 191 MPs voted in favor of Nawrocki's veto, while 243 voted against it, 20 mandates short of overturning the block, according to a report by TVP World.