Poland's Prime Minister Accuses Zondacrypto of Influencing Legislation

The troubles facing Polish cryptocurrency exchange Zondacrypto have intensified. Following reports of customer withdrawals being frozen or delayed, the company has come under fire from Prime Minister Donald Tusk, who alleged in parliament that Zondacrypto had sponsored politicians opposed to crypto market regulation. Tusk claimed that these politicians' actions were influenced by the exchange, which has ties to Russia and had previously provided them with financial support. This statement was made prior to a vote on overturning President Karol Nawrocki's veto of the law, as reported by AP. The day before, Zondacrypto's CEO, Przemysław Kral, attempted to address allegations that the company was using investors' funds to replenish its dwindling reserves by posting a statement and video on X. Kral stated that the exchange has sufficient reserves and owns a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million. However, he noted that the funds are inaccessible because the previous owner, former CEO Sylwester Suszek, failed to hand over the private key in 2021 when the exchange's ownership changed, and Suszek has been missing for four years. Kral revealed the wallet's address to counter accusations of misusing client funds, asserting that the exchange remains profitable and denying any wrongdoing. The situation has been framed by Kral as part of a broader campaign against the company, citing political pressure, regulatory interference, and coordinated media coverage that led to a surge in withdrawal requests. An analysis by Recoveris, a blockchain intelligence firm, found that bitcoin balances in hot wallets linked to Zonda have decreased by about 99% since mid-2024, according to local news reports. This controversy is not new for Zondacrypto, as the company has faced scrutiny in the past. In 2024, an investigation by TVN identified a shareholder, Marek K., who held a 35% stake, as a convicted criminal sentenced to eight years in prison for complicity in a gangland murder and fined for VAT fraud. The Office of Competition and Consumer Protection in Poland started an investigation into BB Trade Estonia, Zonda's owner, in January 2025 for violating consumer interests, which is still ongoing. Kral previously attributed reports of declining reserves to a 'fundamental analytical error' focusing solely on hot wallets and stated that the platform was stable and secure. He explained that withdrawal delays were due to an unusually high volume of requests and the implementation of new security measures, requiring manual verifications. The wallet presented as proof of reserves has shown minimal recent activity, with no outgoing transactions and only 32 incoming transactions. The vote to overturn President Nawrocki's veto ultimately failed, with 191 MPs voting in favor and 243 against, falling short of the needed majority by 20 mandates.