The troubles facing Polish cryptocurrency exchange Zondacrypto have intensified, with Prime Minister Donald Tusk alleging that the company has ties to politicians who opposed crypto market regulation. Tusk made these comments in parliament, stating that certain lawmakers were acting in the best interests of Zondacrypto, which has connections to Russia and had previously provided them with financial support. This comes after Zondacrypto's CEO, Przemysław Kral, attempted to alleviate concerns about the company's use of investor funds by disclosing the existence of a bitcoin wallet containing approximately 4,500 BTC, valued at around $330 million. However, the company is unable to access these funds as the previous owner, former CEO Sylwester Suszek, did not provide the private key before disappearing.
Kral attributed the situation to a broader campaign against the company, citing supposed political pressure, regulatory interference, and coordinated media coverage that led to a surge in withdrawal requests. Zondacrypto has been dealing with reports of frozen or delayed customer withdrawals since late March, despite Kral's assurances that the exchange remains profitable and has sufficient reserves.
An analysis by blockchain intelligence firm Recoveris found that bitcoin balances in hot wallets linked to Zonda have decreased by about 99% since mid-2024. The controversy surrounding Zondacrypto is long-standing, with the company having faced investigations and warnings from regulatory authorities in the past.
In 2024, an investigative report identified a shareholder with a criminal record, and in 2019, Poland's Financial Supervision Authority placed BitBay, Zondacrypto's predecessor, on its public warning list for unauthorized financial activities. The Office of Competition and Consumer Protection has also been investigating Zonda's owner, BB Trade Estonia, for violating consumer interests since January 2025. Kral has attributed reports of declining reserves to a 'fundamental analytical error' and stated that the company is a 'stable, solvent, and secure entity.' The situation has sparked a heated debate, with the Polish government recently voting on a law to regulate the crypto market, which was vetoed by President Karol Nawrocki. The veto was not overturned, with 191 MPs voting in favor and 243 against, 20 mandates short of the required number.