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 claims that Zondacrypto sponsored politicians who opposed crypto market regulation.
Tusk's comments were made 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 an attempt to address allegations that the company is using investor funds to boost its dwindling reserves, Zondacrypto CEO Przemysław Kral took to social media to reveal 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 as the previous owner, former CEO Sylwester Suszek, did not hand over the private key and has been missing since 2021.
Kral attributed the situation to a broader campaign against the company, citing political pressure, regulatory interference, and coordinated media coverage that has led to a surge in withdrawal requests. An analysis by blockchain intelligence firm Recoveris found that bitcoin balances in hot wallets tied to Zonda have dropped by about 99% since mid-2024. The controversy surrounding Zondacrypto is long-standing, with the company having been placed on Poland's public warning list for unauthorized financial activities in 2019. An investigation into the company's owner, BB Trade Estonia, is currently ongoing.
Kral has denied any misuse of client funds and maintains that the exchange remains profitable, despite the challenges it is facing.