The troubles facing Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of customer withdrawals being frozen or delayed, the company has now drawn criticism from Prime Minister Donald Tusk, who alleges that Zondacrypto has sponsored politicians to oppose crypto market regulation. Tusk made these comments before a parliamentary vote to overturn President Karol Nawrocki's veto of the law, citing the exchange's links to Russia and its previous financial support to lawmakers. This development comes after Zondacrypto's CEO, Przemysław Kral, attempted to address allegations that the company was using investors' funds to replenish its dwindling reserves.
Kral disclosed that the exchange owns a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million, but is unable to access these funds due to a missing private key. The key was not transferred by the previous CEO, Sylwester Suszek, when ownership of the exchange changed hands in 2021, and Suszek has been missing for four years.
Kral's revelation aimed to counter accusations of misappropriating funds, stating that the exchange remains profitable and has sufficient reserves. However, the situation has sparked a wave of withdrawal requests, which Kral attributes 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 plummeted by about 99% since mid-2024.
The controversy surrounding Zondacrypto is long-standing, with past investigations uncovering links to criminal activities and unauthorized financial operations. In 2024, an investigation identified a shareholder with a criminal record, and in 2019, Poland's Financial Supervision Authority placed the exchange on its public warning list. An ongoing investigation by the Office of Competition and Consumer Protection is looking into allegations of violating consumer interests. Kral has defended the exchange, citing a 'fundamental analytical error' in reports focusing solely on hot wallets and emphasizing that Zonda is a 'stable, solvent, and secure entity.' The recent presentation of the inaccessible wallet as proof of reserves has seen little activity, with no outgoing transactions and only 32 receiving transactions.
The parliamentary vote to overturn the presidential veto ultimately failed, with 191 MPs voting in favor and 243 against, falling short of the required majority.