NEWSLETTER: A Crypto Scandal Reaches Deep Into Poland’s Right

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A Crypto Scandal Reaches Deep Into Poland’s Right

What began as the collapse of ZondaCrypto, one of Poland’s biggest cryptocurrency exchanges, has developed into something much larger: a criminal investigation into alleged fraud and money laundering, and now a probe into the company’s financial and political links with parts of the Polish right.

The exchange, formerly known as BitBay, was headed by Przemysław Kral. Prosecutors are investigating alleged fraud involving hundreds of millions of złoty. The latest development is potentially explosive: Kral has reportedly obtained the status of a “small crown witness” and is cooperating with prosecutors in exchange for the possibility of a reduced sentence. His testimony is reportedly expected to shed light not only on the company's operations but also on its political connections.

ZondaCrypto developed unusually close relationships with Poland's conservative political and media ecosystem. It sponsored the Polish CPAC conference in 2025, an event closely associated with the right and with Karol Nawrocki's presidential campaign. The company also sponsored the Polish Olympic Committee and advertised on TV Republika.