The woes of Polish cryptocurrency exchange Zondacrypto have intensified, with Prime Minister Donald Tusk alleging that the company sponsored politicians to oppose crypto market regulation. This accusation came as Tusk addressed parliament before a vote to overturn President Karol Nawrocki's veto of the law. Tusk stated that certain politicians' actions were in line with Zondacrypto's interests, given the company's links to Russia and its previous financial support to lawmakers.
The exchange has been under scrutiny due to reports of frozen or delayed customer withdrawals since late March. In an attempt to alleviate concerns, Zondacrypto CEO Przemysław Kral disclosed the existence of a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million. However, Kral revealed that the company cannot access the funds because the previous owner, former CEO Sylwester Suszek, did not provide the private key before his disappearance in 2021.
Kral attributed the situation to a broader campaign against the company, citing supposed 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 plummeted by about 99% since mid-2024. This controversy has revived long-standing concerns surrounding Zondacrypto, including its links to individuals with criminal records and its history of unauthorized financial activities.
The Office of Competition and Consumer Protection has been investigating Zonda's owner, BB Trade Estonia, for violating consumer interests since January 2025. Kral has denied any misuse of client funds, stating that the exchange remains profitable and that the inaccessible wallet was presented as proof of reserves. The situation has led to a surge in withdrawal requests, with Kral attributing delays to manual verifications due to the implementation of new security systems.