The troubles facing Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of customers experiencing frozen or delayed withdrawals, the company has drawn the ire of Prime Minister Donald Tusk, who accused Zondacrypto of sponsoring politicians who opposed crypto market regulation. Tusk made the comments before a parliamentary vote to overturn President Karol Nawrocki's veto of the law, stating that certain politicians were acting in Zondacrypto's interests due to the company's Russian links and previous financial support.
In an attempt to alleviate allegations that the company was misusing investor funds, Zondacrypto CEO Przemysław Kral disclosed the existence of a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million. However, Kral revealed that the company is unable to access the funds as the private key was not handed over by the previous owner, former CEO Sylwester Suszek, who has been missing since 2021. Kral attributed the situation to a broader campaign against the company, citing political pressure, regulatory interference, and coordinated media coverage. The controversy surrounding Zondacrypto has been ongoing, with the company facing reports of frozen or delayed customer withdrawals since late March.
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 company's history has been marred by controversy, including a 2024 investigation that identified a shareholder with a criminal record and a 2019 warning from Poland's Financial Supervision Authority for unauthorized financial activities.
In an effort to address the situation, Kral stated that the decline in reserves was due to a 'fundamental analytical error' and that the company remains stable, solvent, and secure.