Polish authorities have opened a criminal investigation into cryptocurrency firm Zondacrypto following reports of Russian investment and alleged links to organized crime, as officials criticize a presidential veto of regulatory legislation.
Government Announces Investigation, Cites Rising Complaints
A criminal investigation into Zondacrypto was launched on Friday, following a press conference attended by Finance Minister Andrzej Domański, Justice Minister Waldemar Żurek, Minister Coordinator of Special Services Tomasz Siemoniak, and Government Spokesperson Adam Szłapka.
Justice Minister Waldemar Żurek stated that the investigation comes in response to an increasing number of complaints from Polish citizens unable to recover funds lost through the firm.
Security Services Warned of Crypto Risks, Veto Deemed a Threat
Tomasz Siemoniak emphasized that special services had consistently advocated for the regulation of cryptocurrencies, describing the presidential veto of related legislation as a “black day” for national security.
Zondacrypto’s Origins Linked to Fuel and Cigarette Smuggling, Russian Investors
Siemoniak indicated that Zondacrypto was founded in 2014, potentially within a network involved in illegal fuel and cigarette trading. He further alleged that Russian investors and connections to Russian intelligence services subsequently emerged, providing financial backing for the company’s operations.
Presidential Veto Criticized for Lack of Client Protection
Finance Minister Andrzej Domański criticized President Karol Nawrocki’s veto, stating that the legislation would have strengthened client protection by ensuring full transparency and separating client funds from company assets, crucial in preventing financial pyramid schemes.
Domański refuted claims that the law would have hindered the protection of clients operating outside of Poland, asserting that thousands of Polish citizens have already been harmed and labeling the veto a “disgrace.”
Tusk Alleges Criminal Circumstances Surrounding Firm’s Founding
Prime Minister Donald Tusk described the circumstances surrounding Zondacrypto’s establishment as “worthy of a strong crime film,” noting that the founder has disappeared under unknown circumstances and is presumed dead.
Tusk stated that the firm’s significant growth began in 2022, attributing its financial success to Russian money linked to a major Russian mafia group and Russian intelligence services.
Prime Minister Accuses PiS Politicians of Prior Knowledge
Tusk asserted that politicians associated with the Law and Justice (PiS) party, including President Nawrocki, were fully aware of the Zondacrypto situation, calling the veto a “shameless” act of support for the firm.
Veto Would Have Enabled Regulatory Oversight
The vetoed legislation included supervisory measures, such as allowing the Polish Financial Supervision Authority (KNF) to halt public offerings of cryptocurrencies. President Nawrocki deemed the regulations overly restrictive, while the ruling coalition believes their absence creates legal loopholes.
