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. This accusation comes after reports surfaced of frozen or delayed customer withdrawals. Tusk claimed that Zondacrypto sponsored certain politicians, which led to them blocking legislation. The exchange has connections to Russia and had previously provided financial support to lawmakers.
In response to allegations that the company was using investors' funds to replenish its dwindling reserves, Zondacrypto's CEO Przemysław Kral stated 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 provide the private key before disappearing. 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 hot wallets linked to Zonda have decreased 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 2019, Poland's Financial Supervision Authority placed BitBay, Zondacrypto's predecessor, on its public warning list for unauthorized financial activities. The Office of Competition and Consumer Protection has also been investigating Zonda's owner, BB Trade Estonia, for violating consumer interests since January 2025.
Kral has denied any misuse of client funds and stated that the exchange remains profitable, despite the challenges it is facing.