Zondacrypto, a Polish cryptocurrency exchange, is facing mounting problems. Following reports of frozen or delayed customer withdrawals, the company has drawn criticism from Prime Minister Donald Tusk, who accused it of sponsoring politicians who opposed crypto market regulation. Tusk claimed that these politicians were acting in the exchange's interests when they blocked legislation. The exchange has ties to Russia and had previously provided financial support to lawmakers.
In response to allegations that the company was using investors' funds to boost its declining reserves, Zondacrypto's CEO, Przemysław Kral, revealed that the exchange owns a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million. However, the company cannot access the funds because the previous owner, former CEO Sylwester Suszek, did not hand over the private key before disappearing in 2021. Kral denied any misuse of client funds and stated that the exchange remains profitable.
The situation has sparked a surge in withdrawal requests, which the company claims is part of a broader campaign against it, 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 dropped by about 99% since mid-2024.
The controversy surrounding Zondacrypto is long-running, with the company facing investigations and warnings from regulatory authorities in the past. In 2019, Poland's Financial Supervision Authority placed BitBay, the exchange's former name, on its public warning list for unauthorized financial activities. More recently, the Office of Competition and Consumer Protection started an investigation into BB Trade Estonia, Zonda's owner, for violating consumer interests.