Zondacrypto, a Polish cryptocurrency exchange, is facing mounting problems. Following reports of frozen or delayed customer withdrawals, the company has drawn criticism from Prime Minister Donald Tusk, who claims that Zondacrypto sponsored politicians who opposed cryptocurrency market regulation.
Tusk stated that these politicians were acting in the exchange's interests by blocking the legislation. The exchange has ties to Russia and had previously provided financial support to lawmakers. In an attempt to alleviate allegations that the company was misusing investor funds, Zondacrypto's CEO, Przemysław Kral, revealed that the exchange owns a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million. However, the exchange is unable to access the funds due to the missing private key, which was not handed over by the former CEO, Sylwester Suszek, in 2021.
Suszek has been missing for four years. Kral denied any misuse of client funds and stated that the exchange remains profitable. The situation has sparked a broader campaign against the company, with Kral citing supposed political pressure, regulatory interference, and coordinated media coverage contributing 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-running, with the company facing investigations and warnings from regulatory authorities in the past. In 2024, an investigative report identified a shareholder with a criminal record, and in 2019, the Financial Supervision Authority placed BitBay, the company's former name, on its public warning list for unauthorized financial activities. The Office of Competition and Consumer Protection is currently investigating Zonda's owner, BB Trade Estonia, for violating consumer interests.
Kral has attributed reports of declining reserves to a 'fundamental analytical error' and stated that the platform is stable, solvent, and secure.