The troubles for 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 oppose cryptocurrency market regulation. Tusk made these comments before a parliamentary vote to override President Karol Nawrocki's veto of the law, stating that these politicians were essentially following Zondacrypto's lead. The exchange has ties to Russia and had previously provided financial support to lawmakers.
Tusk's comments came after Zondacrypto's CEO, Przemysław Kral, attempted to address allegations that the company was using investors' funds to boost its dwindling reserves. Kral revealed that the exchange owns a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million, but is unable to access the funds due to a missing private key from a former CEO who has been missing since 2021. Kral denied any misuse of client funds and claimed the exchange remains profitable, framing the situation as part of a broader campaign against the company. The controversy surrounding Zondacrypto has been ongoing, with the company facing reports of frozen or delayed customer withdrawals since late March.
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 company has a history of regulatory issues, including being placed on Poland's Financial Supervision Authority's public warning list in 2019 for unauthorized financial activities. An investigation into BB Trade Estonia, Zonda's owner, for violating consumer interests is currently underway. Kral has attributed reports of declining reserves to a 'fundamental analytical error' and stated that the platform is 'stable, solvent, and secure.' The recent disclosure of the inaccessible wallet has raised more questions about the exchange's financial situation, with onchain data showing little recent activity in the wallet presented as proof of reserves.