The troubles facing Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of customers experiencing frozen or delayed withdrawals, Prime Minister Donald Tusk has publicly accused the company of sponsoring politicians who opposed the regulation of the crypto market. According to Tusk, this sponsorship has led to certain politicians blocking legislation that would regulate the market, effectively doing the bidding of Zondacrypto. The exchange has ties to Russia and had previously provided financial support to these lawmakers.
Tusk's comments were made before a parliamentary vote to overturn President Karol Nawrocki's veto of a law aimed at regulating the crypto market. In an attempt to address allegations that Zondacrypto was misusing investor funds to bolster its dwindling reserves, CEO Przemysław Kral took to social media to reveal that the exchange owns a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million.
However, Kral disclosed that the company cannot access these funds because the private key, which was held by former CEO Sylwester Suszek, was never handed over when ownership of the exchange changed in 2021. Suszek has been missing for four years. Kral's revelation was aimed at dispelling claims of fund misappropriation but has instead raised more questions about the exchange's financial health and management.
Zondacrypto has been dealing with reports of delayed customer withdrawals since late March, prompting Kral to deny any misuse of client funds and assert that the exchange remains profitable. The situation has been framed by Kral as part of a broader campaign against the company, citing political pressure, regulatory interference, and coordinated media coverage as factors contributing to a surge in withdrawal requests.
An analysis by blockchain intelligence firm Recoveris found that bitcoin balances in hot wallets associated with Zonda have plummeted by about 99% since mid-2024. The controversy surrounding Zondacrypto is long-standing, with past investigations uncovering links to criminal activity and unauthorized financial operations.
In 2024, an investigative report identified a major shareholder with a criminal history, and in 2019, Poland's Financial Supervision Authority placed the exchange's predecessor, BitBay, on its public warning list. More recently, the Office of Competition and Consumer Protection initiated an investigation into Zonda's owner, BB Trade Estonia, for violating consumer interests.
Amidst the furor, Kral has defended the exchange, attributing reports of declining reserves to analytical errors and stating that the platform's stability and security have been maintained despite the challenges. The veto vote on the crypto regulation law ultimately did not overturn the president's block, with 191 MPs voting in favor of the veto and 243 against, falling short of the required majority. The ongoing saga surrounding Zondacrypto has reignited debates about the need for effective regulation of the cryptocurrency market in Poland.