The troubles facing Polish cryptocurrency exchange Zondacrypto have intensified, with Prime Minister Donald Tusk alleging that the company has ties to politicians who opposed 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 links to Russia and had previously provided financial support to lawmakers.
This development comes amidst 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 Zondacrypto 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 the former CEO, Sylwester Suszek, in 2021, and Suszek has been missing for four years.
Kral attributed the situation to a broader campaign against the company, citing political pressure, regulatory interference, and coordinated media coverage. The controversy surrounding Zondacrypto has been ongoing, with the company facing investigations and warnings from regulatory authorities in the past. The recent allegations have sparked a surge in withdrawal requests, with blockchain intelligence firm Recoveris reporting a 99% drop in bitcoin balances in hot wallets tied to Zonda since mid-2024.
The furor has led to a renewed scrutiny of the company's activities and its impact on the cryptocurrency market.