The troubles facing Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of customers experiencing frozen or delayed withdrawals, the company has come under fire from Prime Minister Donald Tusk, who alleged in parliament that Zondacrypto had provided financial backing to certain politicians in order to sway their stance on crypto market regulation. According to Tusk, these actions demonstrate that the exchange is exerting undue influence over legislative decisions. He also highlighted the company's connections to Russia and its history of providing financial support to lawmakers.
Tusk's comments preceded a vote to overturn President Karol Nawrocki's veto of a law related to crypto market regulation, with the prime minister suggesting that some politicians were acting in the interests of Zondacrypto. The exchange's CEO, Przemysław Kral, took to social media to address allegations that the company was misusing investor funds to bolster its dwindling reserves.
Kral revealed that Zondacrypto owns a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million. However, the company is unable to access these funds due to the absence of the private key, which was not handed over by the previous CEO, Sylwester Suszek, when he left the company in 2021. Suszek has been missing for four years. Kral's statement was an attempt to dispel accusations of fund misappropriation and demonstrate that the exchange has sufficient reserves.
The revelation of the inaccessible wallet has added to the controversy surrounding Zondacrypto, which has been plagued by reports of delayed customer withdrawals since late March. Kral has denied any wrongdoing and maintains that the exchange remains profitable. He attributes the situation to a broader campaign against the company, citing political pressure, regulatory interference, and coordinated media coverage as contributing factors.
An analysis by blockchain intelligence firm Recoveris found that the bitcoin balances in hot wallets linked to Zonda have decreased by approximately 99% since mid-2024. The company's history has been marked by controversy, including a 2024 investigation by Polish broadcaster TVN, which identified a shareholder with a criminal record.
In 2019, Poland's 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 allegedly violating consumer interests. Kral has described reports of declining reserves as a 'fundamental analytical error' and emphasized that the exchange is stable, solvent, and secure.
However, the ongoing controversy and reports of delayed withdrawals have led to increased scrutiny of Zondacrypto's operations.