Zondacrypto, a Polish cryptocurrency exchange, is facing mounting issues. 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 oppose crypto market regulation.
Tusk claimed these politicians were acting in the exchange's interests, citing its links to Russia and past financial support for lawmakers. This came before a parliamentary vote to overturn President Karol Nawrocki's veto of the law. The exchange's CEO, Przemysław Kral, attempted to address allegations of misusing investor funds by revealing the existence of a 4,500 BTC wallet, valued at approximately $330 million.
However, Kral admitted that the exchange cannot access the funds due to a missing private key, which was not handed over by the previous 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 been framed as part of a broader campaign against the company, with Kral pointing to 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 has been ongoing, with past issues including a shareholder being identified as a criminal and the company being placed on a public warning list for unauthorized financial activities. An investigation into BB Trade Estonia, Zonda's owner, for violating consumer interests is currently in progress.
Kral has attributed reports of declining reserves to a 'fundamental analytical error' and stated that the platform is stable, solvent, and secure. The recent veto vote saw 191 MPs vote in favor of the veto and 243 against it, falling short of the required number to overturn the block.