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 to block crypto market regulation.
Tusk's comments came before a parliamentary vote to overturn President Karol Nawrocki's veto of the law, with the prime minister suggesting that some politicians were acting in the exchange's interests due to prior financial support. This support, according to Tusk, included links to Russia.
The exchange's CEO, Przemysław Kral, attempted to address allegations that the company was using investor funds to bolster its dwindling reserves by revealing the existence of a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million. However, Kral admitted that the exchange cannot access these funds because the private key was not handed over by the previous CEO, Sylwester Suszek, who has been missing since 2021. Kral denied any misuse of client funds and claimed the exchange remains profitable, attributing the situation to a broader campaign against the company, including political pressure and coordinated media coverage. The controversy surrounding Zondacrypto has been ongoing, with the company facing investigations and warnings from regulatory bodies in the past.
An analysis by blockchain intelligence firm Recoveris found a significant drop in bitcoin balances in hot wallets tied to Zonda, further fueling concerns about the exchange's solvency. The situation has sparked a heated debate, with the company threatening legal action against news outlets covering the story and the prime minister's comments reigniting the long-running controversy surrounding Zondacrypto's operations and regulatory compliance.