The troubles facing 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 accused it of sponsoring politicians opposed to crypto market regulation. Tusk's comments came before a parliamentary vote to overturn President Karol Nawrocki's veto of the legislation. The exchange, which has ties to Russia, had previously provided financial support to these lawmakers, according to Tusk.
The situation has sparked a heated debate about the company's practices and the regulatory environment surrounding cryptocurrencies in Poland. Zondacrypto's CEO, Przemysław Kral, attempted to address allegations that the company was misusing investor funds by revealing the existence of a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million. However, Kral stated that the company cannot access these funds because the private key was not handed over by the previous owner, former CEO Sylwester Suszek, who has been missing since 2021.
Kral denied any misuse of client funds and claimed that the exchange remains profitable. The company has faced reports of delayed customer withdrawals since late March, prompting Kral to publicize the inaccessible wallet as proof of the exchange's reserves.
Kral framed the situation as part of a broader campaign against the company, citing political pressure, regulatory interference, and coordinated media coverage that contributed 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 is long-running, with Polish investigative reporting in 2024 identifying a shareholder with a criminal past. The company has also been placed on Poland's Financial Supervision Authority's public warning list for unauthorized financial activities and is currently under investigation by the Office of Competition and Consumer Protection for violating consumer interests.
In response to reports of declining reserves, Kral attributed the issue to a 'fundamental analytical error' by focusing solely on hot wallets, stating that Zonda remains a 'stable, solvent, and secure entity.' The company's woes have sparked a wider debate about cryptocurrency regulation in Poland, with the recent veto vote failing to overturn the block due to a lack of support from MPs.