The troubles for Polish cryptocurrency exchange Zondacrypto continue to escalate. Following reports of frozen or delayed customer withdrawals, the company has drawn criticism from Prime Minister Donald Tusk, who accused it of sponsoring politicians to block crypto market regulation.
Tusk claimed that these politicians were acting in the best interests of Zondacrypto, which has ties to Russia and had previously provided them with financial support. This came a day after Zondacrypto's CEO, Przemysław Kral, attempted to address allegations that the company was using investors' funds to supplement its dwindling reserves. Kral revealed that the exchange owns a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million, but is unable to access the funds due to a missing private key.
The key was not handed over by the previous CEO, Sylwester Suszek, when he left the company in 2021, and he has been missing for four years. Zondacrypto has been facing issues with delayed customer withdrawals since late March, but Kral denies any misuse of client funds and maintains that the exchange remains profitable.
He claims that the situation is part of a broader campaign against the company, citing 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 not new, with the company having been placed on Poland's Financial Supervision Authority's public warning list in 2019 for unauthorized financial activities. In 2024, an investigation by Polish broadcaster TVN identified a shareholder with a criminal record, and in 2025, the Office of Competition and Consumer Protection started an investigation into Zonda's owner for violating consumer interests. Kral has attributed reports of declining reserves to a 'fundamental analytical error' and stated that the company is 'stable, solvent, and secure.' However, the situation remains unresolved, with the company facing ongoing scrutiny and criticism.