The troubles facing Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of customer withdrawals being frozen or delayed, the company has come under fire from Prime Minister Donald Tusk, who has accused it of sponsoring politicians who opposed crypto market regulation. Tusk made these comments before a parliamentary vote to overturn President Karol Nawrocki's veto of the law, citing Zondacrypto's links to Russia and its previous financial support for lawmakers.
The exchange's CEO, Przemysław Kral, has attempted to address allegations that the company is using investors' funds to boost its dwindling reserves. Kral revealed that Zondacrypto owns a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million, but the company is unable to access the funds due to a missing private key. The key was not handed over by the previous CEO, Sylwester Suszek, when he left the company in 2021, and his current whereabouts are unknown. Zondacrypto has been dealing with issues related to delayed customer withdrawals since late March, prompting Kral to deny any misuse of client funds and assert that the exchange remains profitable.
He claims that the situation is part of a broader campaign against the company, which includes 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 scrutiny in the past due to its links to individuals with questionable backgrounds. In 2024, an investigative report identified one of the company's shareholders as a criminal with a history of complicity in a gangland murder and VAT fraud.
The company has also been placed on Poland's public warning list for unauthorized financial activities and is currently under investigation by the Office of Competition and Consumer Protection for violating consumer interests.