The troubles facing Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of frozen or delayed customer withdrawals, the company has drawn the ire of Prime Minister Donald Tusk, who alleged that Zondacrypto sponsored politicians who opposed crypto market regulation. Tusk claimed that these politicians were acting in the exchange's interests when they blocked the legislation.
The prime minister's comments came after Zondacrypto's CEO, Przemysław Kral, attempted to address allegations that the company was using investors' funds to boost 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 former CEO, Sylwester Suszek, when he left the company in 2021, and he has been missing for four years. Zondacrypto has been facing reports of delayed customer withdrawals since late March, which Kral denies are a result of any misuse of client funds.
Instead, he attributes the situation to a broader campaign against the company, including political pressure, regulatory interference, and coordinated media coverage. An analysis by blockchain intelligence firm Recoveris found that bitcoin balances in hot wallets tied to Zonda have dropped by about 99% since mid-2024.
The controversy surrounding Zondacrypto is not new, with the company having previously been linked to a shareholder with a criminal record and facing investigations by Polish authorities. In 2019, the Financial Supervision Authority placed BitBay, Zondacrypto's predecessor, on its public warning list for unauthorized financial activities. More recently, the Office of Competition and Consumer Protection launched an investigation into BB Trade Estonia, Zonda's owner, for violating consumer interests. Kral has defended the company, stating that reports of declining reserves are the result of a 'fundamental analytical error' and that Zondacrypto remains a 'stable, solvent, and secure entity'.
The situation has also sparked a political debate, with Prime Minister Tusk's comments coming ahead of a vote to overturn President Karol Nawrocki's veto of a law regulating the crypto market. The vote ultimately failed to overturn the veto, with 191 MPs voting in favor and 243 against, 20 mandates short of the required number.