The troubles facing Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of frozen or delayed customer withdrawals, the company has drawn criticism from Prime Minister Donald Tusk, who alleged that Zondacrypto sponsored politicians who opposed crypto market regulation. Tusk's comments came before a parliamentary vote to overturn President Karol Nawrocki's veto of the law.
The exchange has ties to Russia and had previously provided financial support to lawmakers, according to Tusk. In response to 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 the funds due to missing private keys, which were not handed over by the previous CEO, Sylwester Suszek, in 2021.
Suszek has been missing for four years. Kral denied any misuse of client funds and claimed that the exchange remains profitable. The situation has sparked a surge in withdrawal requests, with blockchain intelligence firm Recoveris reporting a 99% drop in bitcoin balances in hot wallets tied to Zonda since mid-2024. The controversy surrounding Zondacrypto is not new, with the company having faced previous allegations of unauthorized financial activities and ties to criminal individuals.
In 2019, Poland's Financial Supervision Authority placed BitBay, the company's previous name, on its public warning list. An investigation into BB Trade Estonia, Zonda's owner, is currently underway, focusing on alleged violations of consumer interests.
Kral has attributed the decline in reserves to a 'fundamental analytical error' and claimed that the platform is 'stable, solvent, and secure.' However, the company's woes persist, with withdrawal delays and concerns over the company's reserves continuing to plague the exchange.