Concerns Rise Over Polish Crypto Exchange Zondacrypto Amid Calls for Regulatory Oversight

Polish Deputy PM Raises Alarm Over Cryptocurrency Exchange Amid Liquidity Concerns

Warsaw, Poland – April 10, 2026 – In a stark warning to investors, Polish Deputy Prime Minister Krzysztof Gawkowski has highlighted the urgent need for state oversight of cryptocurrency exchanges, citing the precarious situation surrounding Zondacrypto, the nation’s largest crypto platform. Gawkowski, who also serves as the digital affairs minister, expressed his concerns during a press conference in Warsaw, emphasizing that the lack of regulation is jeopardizing the savings of Polish citizens.

“The Polish president vetoed the security of the crypto-asset market, and we have what we have,” Gawkowski stated, underscoring the risks posed by unregulated exchanges. “Zondacrypto, like any other exchange, should be supervised. Without that oversight, we cannot answer the most basic question: are citizens’ assets safe?”

The alarm bells were sounded following reports indicating that Zondacrypto’s Bitcoin reserves had plummeted by nearly 99.7% over the past 18 months. A report from crypto recovery firm Recoveris revealed that the average amount of Bitcoin in Zondacrypto’s “hot wallet”—used for processing customer withdrawals—dropped dramatically from 55.7 BTC in August 2024 to a mere 0.18 BTC by March 2026. As of April 1, the balance reportedly stood at just 0.086 BTC.

Users have reported significant delays in withdrawing funds, initially affecting Bitcoin and now extending to Ethereum, while several sports clubs sponsored by Zondacrypto have voiced concerns over missed payments.

The situation has escalated into a political controversy, with Gawkowski placing blame squarely on President Karol Nawrocki for vetoing legislation aimed at bringing the crypto market under the supervision of the Polish Financial Supervision Authority (KNF). The bill, which was rejected for the second time in February, would have empowered the KNF to monitor crypto exchanges and intervene in cases of suspected misconduct.

Prime Minister Donald Tusk has intensified scrutiny on Zondacrypto, revealing information from the Internal Security Agency (ABW) regarding financial transactions linked to the company’s CEO, Przemyslaw Kral. Tusk disclosed that Kral had donated approximately 450,000 zlotys (about $124,000) to foundations associated with former justice minister Zbigniew Ziobro and an additional €70,000 to a foundation connected to Confederation MP Przemyslaw Wipler. Tusk also alleged that Zondacrypto sponsored a Conservative Political Action Conference event attended by Nawrocki and former president Andrzej Duda.

Gawkowski did not mince words, suggesting that these connections raise serious ethical concerns. “For any politician or citizen, this should raise question marks—and in this case not only question marks but exclamation marks,” he remarked in an interview with TOK FM, adding that the situation “smells of legislative corruption from a mile away.”

In response to the mounting pressure, the National Prosecutor’s Office has launched a formal investigation into potential irregularities at Zondacrypto, following a request from Prosecutor General Waldemar Zurek. This inquiry is part of a broader investigation into the mysterious disappearance of Sylwester Suszek, the founder of BitBay, which later rebranded as Zondacrypto.

Despite the swirling controversy, Zondacrypto and Kral have vehemently denied any claims of a liquidity crisis. In a statement, the company asserted that it remains “stable, solvent, and secure,” arguing that media reports have focused solely on publicly visible “hot wallets” while neglecting the larger “cold wallets” used for offline storage. Kral claimed that the exchange held over 4,500 BTC as of April 1, asserting that the bulk of the company’s assets are distributed across more than 3.2 million wallet addresses.

While Zondacrypto acknowledged that some withdrawals had been slower than usual, the company attributed this to new security protocols requiring manual verification, promising a return to normal processing times within ten days.

As the investigation unfolds, Polish investors and the broader crypto community remain on high alert, grappling with the implications of a potentially unregulated market and the fate of their investments.