The troubles facing Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of customers experiencing frozen or delayed withdrawals, the company has come under fire from Prime Minister Donald Tusk, who alleged that Zondacrypto had provided financial backing to politicians opposed to crypto market regulation.
Tusk claimed that these politicians were acting in the exchange's interests by blocking legislation. The exchange has ties to Russia and had previously supported these lawmakers financially. Tusk's comments were made ahead of a parliamentary vote to overturn President Karol Nawrocki's veto of a law related to crypto market regulation. The vote ultimately failed to overturn the veto.
Zondacrypto's CEO, Przemysław Kral, attempted to address allegations that the company was misusing investor funds to replenish its dwindling reserves. Kral revealed that the exchange possesses a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million. However, the company is unable to access these funds due to the previous owner's failure to hand over the private key. The former CEO, Sylwester Suszek, has been missing since 2021.
Kral denied any wrongdoing and stated that the exchange remains profitable. He claimed that the situation is part of a broader campaign against the company, citing political pressure, regulatory interference, and coordinated media coverage. 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 is not new, with the company having faced scrutiny in the past. In 2024, an investigation by Polish broadcaster TVN identified a shareholder with a criminal record, and in 2019, the 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, since January 2025. Kral has attributed reports of declining reserves to a 'fundamental analytical error' and stated that the company is 'stable, solvent, and secure.' He also cited an unusually high volume of withdrawal requests and the implementation of new security systems as reasons for the delays.