The troubles facing Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of customer withdrawals being frozen or delayed, the company has drawn the ire of Prime Minister Donald Tusk, who alleged that Zondacrypto had sponsored politicians who opposed crypto market regulation.
Tusk claimed that these politicians were acting in the exchange's interests when they blocked legislation. 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 replenish its dwindling reserves. Kral revealed that the exchange owns a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million, but cannot access the funds due to a missing private key. The key was not handed over by the previous CEO, Sylwester Suszek, when he left the company in 2021, and he has since gone missing.
Zondacrypto has been facing issues with customer withdrawals since late March, with some reports indicating that bitcoin balances in the exchange's hot wallets have dropped by about 99% since mid-2024. The company's CEO has denied any misuse of client funds and attributed the situation to a campaign against the company, including political pressure and regulatory interference. The controversy surrounding Zondacrypto is not new, with the company having faced criticism in the past for its ties to individuals with criminal records and its unauthorized financial activities.