In May 2026, Poland and the international information space were shaken by news that one of Poland’s largest cryptocurrency exchanges, Zondacrypto (formerly BitBay), had halted withdrawals for its users. The crisis peaked when it emerged that the platform faced a shortfall of at least 350 million zlotys (about $96 million), along with the disappearance of wallet keys containing 4,500 BTC. At the same time, the company’s management abruptly left for Israel, while Prime Minister Donald Tusk publicly pointed to a “Russian trace” in the company’s activities. Estonia’s Financial Intelligence Unit (FIU) also suspended the license of BB Trade Estonia OÜ, the operator of Zondacrypto, issuing a strict ultimatum: the platform has 30 days to eliminate all violations.
According to media reports, Polish users’ losses exceed $96 million. The case has gained political significance due to suspicions that the exchange was used to finance far-right Polish politicians, conduct questionable transactions, and maintain links with Russian organized crime. While the investigation continues, withdrawals remain frozen, and the exchange has ignored inquiries from journalists and users, increasing uncertainty and tension.
The prolonged operation and eventual crisis of Zondacrypto in Poland were made possible by a regulatory vacuum in the country’s digital asset sector. While other EU states tightened oversight, Poland’s market remained a “grey zone” for years. Until mid-May 2026, the Polish Financial Supervision Authority (KNF) lacked the legal powers to properly regulate and audit crypto exchanges. It could not conduct liquidity stress tests, verify reserves in cold wallets, or block suspicious transactions early, allowing the exchange to operate without proper external audits.
The political crisis surrounding the exchange’s collapse in April–May 2026 highlighted the interest of Poland’s right-wing opposition in maintaining weak financial regulation. Statements by Prime Minister Tusk and an investigation by the Katowice regional prosecutor confirmed that conservative forces had obstructed oversight measures. In particular, President Karol Nawrocki, affiliated with the Law and Justice (PiS) party, vetoed a crypto market bill twice (in December 2025 and February 2026) that would have granted KNF powers to block suspicious accounts and transactions. Attempts by parliament to override the veto failed on April 17, 2026—the same day prosecutors opened a major fraud case. Nawrocki defended his decision by calling the regulations “excessive,” while the government accused him of effectively shielding the exchange.
Evidence suggesting financing of pro-Russian right-wing forces in Poland appears in official statements and materials from the Internal Security Agency (ABW), cited by Tusk. According to him, in late 2025—just before the crypto regulation vote—Zondacrypto head Przemysław Kral transferred nearly 500,000 zlotys to the Sovereign Poland Institute, linked to former Justice Minister Zbigniew Ziobro. Part of these funds was used to pay legal fees for right-wing figures involved in other investigations. Another company linked to the exchange’s leadership (Expo Fair Service House) financed a foundation associated with Eurosceptic MP Przemysław Wipler. Prosecutors are also examining funding of other organizations tied to Eurosceptic politicians.
Tusk further stated that since 2018, Zondacrypto had attracted funds from Russian organized crime, including the Tambov gang linked to Vladimir Putin’s circle. When the exchange faced financial difficulties early in its expansion into Poland, Russian criminal networks—through a Polish intermediary, businessman Marian W. (“Maniek”)—provided capital to stabilize it.
One of the exchange’s co-founders, Mateusz Bajer, sold his controlling stake. Officially, the shares were transferred to three UAE-based entities registered by another co-founder, Sylwester Suszek (who disappeared in 2022), reportedly linked to Tambov group funds. According to ABW, two tranches totaling tens of millions of euros were transferred from Russia. Altogether, this suggests the exchange may have been used as a transit hub for financing anti-European lobbying in Poland and other opaque projects.
In modern hybrid warfare, crypto exchanges have become one of the most effective and hardest-to-trace channels used by Russian intelligence services to fund foreign operations, agents, and loyal politicians. These tools allow the Kremlin to bypass traditional banking oversight and European sanctions while supporting favorable political actors.
On May 15, the Polish parliament passed a cryptocurrency regulation bill. Although it remains unclear whether President Nawrocki will sign it, the need for such legislation is widely seen as long overdue. As for Zondacrypto’s collapse, the withdrawal of assets and the flight of its leadership resemble a classic fraud scheme, likely driven by fears among its Russian beneficiaries of exposure and interference allegations in Poland’s political processes.