The troubles facing Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of customers experiencing frozen or delayed 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. The comments were made ahead of a parliamentary vote to overturn President Karol Nawrocki's veto of a law regulating the crypto market. In an attempt to address allegations that the company was misusing investor funds, Zondacrypto 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 owner, former CEO Sylwester Suszek, who has been missing since 2021.
Kral denied any wrongdoing and stated that the exchange remains profitable, 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 is not new, with the company having faced criticism in the past for its connections to individuals with criminal backgrounds and its 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 since stated that reports of declining reserves were the result of a 'fundamental analytical error' and that the platform is stable, solvent, and secure. However, the company's woes persist, with customers continuing to experience delays in withdrawals, which Kral attributes to an unusually high volume of requests and the implementation of new security measures.