The troubles facing Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of customers experiencing frozen or delayed withdrawals, the company has drawn criticism from Prime Minister Donald Tusk, who alleged that Zondacrypto has been sponsoring politicians to block crypto market regulation. Tusk's comments came before a parliamentary vote on overturning President Karol Nawrocki's veto of the law, with the prime minister stating that certain politicians were acting in the exchange's interests due to prior financial support. This support is particularly concerning given Zondacrypto's links to Russia.
The situation has been further complicated by the revelation that the exchange owns a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million, but is unable to access it due to a missing private key. The key was not transferred by the former CEO, Sylwester Suszek, when he left the company in 2021, and his current whereabouts are unknown.
Zondacrypto's CEO, Przemysław Kral, has denied any misuse of client funds and claims the exchange remains profitable, attributing the withdrawal delays to an unusually high volume of requests and the implementation of new security measures. However, an analysis by blockchain intelligence firm Recoveris found that the bitcoin balances in Zondacrypto's hot wallets have dropped by about 99% since mid-2024, raising concerns about the exchange's solvency. The controversy surrounding Zondacrypto is not new, with the company having faced previous issues, including being placed on Poland's Financial Supervision Authority's public warning list for unauthorized financial activities in 2019. An investigation into BB Trade Estonia, Zonda's owner, for violating consumer interests is also ongoing.
Kral has framed the current situation as part of a broader campaign against the company, citing political pressure, regulatory interference, and coordinated media coverage. The vote to overturn President Nawrocki's veto ultimately failed, with 191 MPs voting in favor and 243 against, 20 mandates short of the required number to overturn the block.