Zondacrypto, a Polish cryptocurrency exchange, is facing mounting criticism after Prime Minister Donald Tusk accused the company of sponsoring politicians who opposed crypto market regulation. The exchange is also dealing with reports of frozen or delayed customer withdrawals and has revealed that it owns a bitcoin wallet holding around 4,500 BTC, valued at approximately $330 million, but is unable to access the funds due to a missing private key.
The key was not handed over by the former CEO, Sylwester Suszek, when he left the company in 2021, and he has been missing for four years. The current CEO, Przemysław Kral, has denied any misuse of client funds and claims that the exchange remains profitable. However, an analysis by blockchain intelligence firm Recoveris found that bitcoin balances in hot wallets tied to Zonda have dropped by around 99% since mid-2024.
The company has faced regulatory issues in the past, including being placed on Poland's Financial Supervision Authority's public warning list for unauthorized financial activities in 2019. The Office of Competition and Consumer Protection is currently investigating the company for violating the collective interests of consumers.