The troubles facing 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 claims that Zondacrypto sponsored politicians who opposed crypto market regulation. Tusk's comments came before a parliamentary vote to overturn President Karol Nawrocki's veto of the law, according to a report by AP.
The exchange has ties to Russia and had previously provided financial support to lawmakers, he said. In response to allegations that the company was using investors' funds to boost its dwindling reserves, Zondacrypto CEO Przemysław Kral took to X to address the concerns. Kral stated that the exchange has sufficient reserves and owns a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million. However, the company is unable to access the funds because the previous owner failed to hand over the private key and has since disappeared.
Kral attributed the delayed withdrawals to a surge in withdrawal requests, which he claimed was part of a broader campaign against the company. He cited supposed political pressure, regulatory interference, and coordinated media coverage as contributing factors. An analysis by blockchain intelligence firm Recoveris found that bitcoin balances in hot wallets tied to Zonda have decreased by about 99% since mid-2024.
The controversy surrounding Zondacrypto is not new, with the company having faced scrutiny in the past. In 2024, an investigation by Polish broadcaster TVN identified a shareholder with a criminal record, and in 2019, the Financial Supervision Authority placed BitBay 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 violating consumer interests.
Kral has maintained that reports of declining reserves stem from an analytical error and that the platform is stable, solvent, and secure. However, the situation remains uncertain, with the veto vote failing to overturn the block and the company's future hanging in the balance.