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 claimed that these politicians were acting in the exchange's interests when they blocked the legislation. The exchange has ties to Russia and had previously provided financial support to these lawmakers. Tusk's comments came after Zondacrypto's CEO, Przemysław Kral, attempted to address allegations that the company was using investors' funds to replenish its dwindling reserves.
Kral revealed that the exchange owns a bitcoin wallet containing 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 the previous CEO, Sylwester Suszek, in 2021, and Suszek has been missing for four years. Zondacrypto has been dealing with reports of delayed customer withdrawals since late March, prompting Kral to deny any misuse of client funds and assert that the exchange remains profitable. The situation has sparked a broader controversy surrounding the company, with blockchain intelligence firm Recoveris finding that bitcoin balances in hot wallets tied to Zonda have dropped by about 99% since mid-2024.
The company has faced numerous regulatory issues in the past, including being placed on Poland's public warning list for unauthorized financial activities in 2019. An investigation into BB Trade Estonia, Zonda's owner, is currently underway, focusing on alleged violations of consumer interests.