The troubles facing Polish cryptocurrency exchange Zondacrypto have escalated, with Prime Minister Donald Tusk alleging that the company has ties to politicians who opposed crypto market regulation. Tusk claimed that these politicians were acting in the best interests of Zondacrypto, which has connections to Russia and had previously provided them with financial support. This statement came before a parliamentary vote to overturn President Karol Nawrocki's veto of the law.
The exchange has been under fire due to reports of frozen or delayed customer withdrawals. In an attempt to alleviate concerns, Zondacrypto's CEO Przemysław Kral revealed that the exchange owns a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million. However, the company is unable to access these funds as the private key was not handed over by the previous CEO, Sylwester Suszek, who has been missing since 2021. Kral stated that the exchange has sufficient reserves and denied any misuse of client funds, attributing the situation to a broader campaign against the company, including political pressure, regulatory interference, and coordinated media coverage.
An analysis by blockchain intelligence firm Recoveris found that bitcoin balances in hot wallets tied to Zonda have decreased by about 99% since mid-2024. The controversy surrounding Zondacrypto has been ongoing, with previous issues including links to a criminal shareholder and unauthorized financial activities. The Office of Competition and Consumer Protection is currently investigating Zonda's owner, BB Trade Estonia, for violating consumer interests.