Zondacrypto, a Polish cryptocurrency exchange, is under intense pressure after Prime Minister Donald Tusk alleged that the company sponsored politicians who opposed crypto market regulation. Tusk's comments came before a vote to overturn President Karol Nawrocki's veto of the law, with the Prime Minister stating that the exchange has ties to Russia and had previously provided financial support to lawmakers. This development follows reports of frozen or delayed customer withdrawals, which the company's CEO, Przemysław Kral, has denied, claiming that the exchange has sufficient reserves. However, Kral revealed that the company owns a bitcoin wallet holding approximately 4,500 BTC, valued at around $330 million, but is unable to access the funds due to a missing private key.
The key was not handed over by former CEO Sylwester Suszek in 2021, and Suszek has been missing for four years. Kral has framed the situation as part of a broader campaign against the company, citing supposed political pressure, regulatory interference, and coordinated media coverage. Analysis by blockchain intelligence firm Recoveris has found that bitcoin balances in hot wallets tied to Zonda have dropped by about 99% since mid-2024. The controversy surrounding Zondacrypto has been ongoing, with the company facing investigations and warnings from regulatory authorities in the past.
In an effort to address the situation, Kral has publicized the inaccessible wallet to prove the exchange's reserves and has threatened legal action against news outlets covering the story.