The troubles facing Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of customer withdrawals being frozen or delayed, the company has drawn criticism from Prime Minister Donald Tusk, who alleged that Zondacrypto sponsored politicians to block crypto market regulation.
Tusk made these comments before a parliamentary vote to overturn President Karol Nawrocki's veto of the law, stating that the exchange has ties to Russia and had provided financial support to lawmakers in the past. This revelation came a day after Zondacrypto's CEO, Przemysław Kral, attempted to address allegations that the company was using investor funds to boost its dwindling reserves.
Kral claimed that the exchange has sufficient reserves and owns a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million. However, the company is unable to access these 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 led to a surge in withdrawal requests.
An analysis by blockchain intelligence firm Recoveris found that bitcoin balances in Zondacrypto's hot wallets have decreased by about 99% since mid-2024. The company has faced numerous controversies in the past, including being placed on Poland's Financial Supervision Authority's public warning list for unauthorized financial activities in 2019. An investigation into BB Trade Estonia, Zonda's owner, is currently underway for allegedly violating consumer interests. Kral has denied any misuse of client funds and maintains that the exchange remains profitable, despite the ongoing issues with customer withdrawals.