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 alleged that Zondacrypto sponsored politicians opposed to crypto market regulation. Tusk claimed that these politicians were acting in the exchange's interests when they blocked the 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 investor 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 is unable to 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 faced issues with delayed customer withdrawals since late March, but Kral denies any misuse of client funds and claims the exchange remains profitable. The situation has sparked a broader controversy surrounding the company, with blockchain intelligence firm Recoveris reporting a 99% drop in bitcoin balances in hot wallets tied to Zonda since mid-2024.
The company has a history of controversy, including being placed on Poland's Financial Supervision Authority's public warning list in 2019 for unauthorized financial activities. An investigation into Zonda's owner, BB Trade Estonia, is currently underway, focusing on potential violations of consumer interests.