Zondacrypto, a Polish cryptocurrency exchange, is facing mounting pressure after Prime Minister Donald Tusk claimed the company sponsored politicians who opposed crypto market regulation. The exchange is already dealing with reports of delayed customer withdrawals and has revealed it owns a bitcoin wallet worth around $330 million, but is unable to access it due to a missing private key. The key was not handed over by the former CEO, who has been missing for four years, and the current CEO, Przemysław Kral, has denied any misuse of client funds, stating the exchange remains profitable.
The situation has sparked a broader controversy surrounding the company, including regulatory interference, political pressure, and coordinated media coverage, which has led 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 company has faced previous controversies, including a 35% shareholder being sentenced to eight years in prison for complicity in a gangland murder and fined for VAT fraud. The Office of Competition and Consumer Protection has also started an investigation into the company's owner for violating consumer interests.