The troubles facing Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of frozen or delayed customer withdrawals, the company has drawn criticism from Prime Minister Donald Tusk, who alleged that Zondacrypto sponsored 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 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 supplement its dwindling reserves. Kral stated that the exchange has sufficient reserves and owns a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million.
However, the company cannot access these funds because the previous owner failed to provide the private key and has since disappeared. Kral attributed the situation to a broader campaign against the company, citing political pressure, regulatory interference, and coordinated media coverage that led to a surge in withdrawal requests. 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 long-running, with the company facing investigations and warnings from regulatory bodies in the past. In 2024, an investigative report identified a shareholder with a criminal record, and in 2019, Poland's Financial Supervision Authority placed BitBay, Zondacrypto's predecessor, on its public warning list for unauthorized financial activities.
The Office of Competition and Consumer Protection is currently investigating Zonda's owner, BB Trade Estonia, for violating consumer interests. Kral has denied any misuse of client funds and maintains that the exchange remains profitable. The situation has sparked a heated debate, with some MPs voting in favor of overturning the president's veto of a law aimed at regulating the crypto market.