Crypto exchange Zonda said a cold wallet holding about 4,500 Bitcoin is currently inaccessible as the platform faces scrutiny over delayed withdrawals. CEO Przemysław Kral posted a video statement disclosing the exchange’s wallet address and saying the private keys to that wallet were never handed over during the company handover.
Kral denied allegations of misappropriating funds and said the keys were intended to be transferred by Zonda founder and former CEO Sylwester Suszek, who has been missing since 2022. “So for all those who claim that I had anything to do with Sylwester’s disappearance, this is the prime argument that I care the most about Sylwester being found,” he said.
The address Kral cited holds 4,503 BTC, worth roughly $334 million, with the last recorded transaction in November 2025. The disclosure is the first time Zonda has publicly identified that cold wallet amid the controversy.
The announcement follows weeks of reports suggesting a probe by Polish authorities and an analysis by blockchain firm Recoveris, which said Zonda’s hot wallet balances had sharply declined and suggested possible insolvency. Kral previously rejected insolvency claims, insisting Zonda remained solvent with more than 4,500 BTC in holdings.
Kral attributed recent withdrawal pressure to an abnormal surge in withdrawal requests linked to negative media coverage. He said Zonda normally handles about 100,000 withdrawal requests per year but saw more than 25,000 requests within hours and days around April 6. He said the company will pursue legal action over what he called false claims and pledged to meet customer obligations amid the withdrawal concerns.
Polish lawmaker Tomasz Mentzen suggested Zonda may have lost access to its cold wallet after Suszek’s disappearance. Kral did not explicitly say the funds were irrevocably lost, only that the private keys were never transferred at handover. Suszek has been missing since March 2022, and some reports have referenced alleged criminal ties among certain former shareholders of BitBay, the exchange Zonda evolved from.
Founded in Poland in 2014 and rebranded as Zonda in 2021, the company later registered in Estonia amid regulatory uncertainty and delays implementing the EU’s MiCA rules. The developments have drawn Zonda into a broader political debate, increasing scrutiny of Poland’s crypto sector.
Cointelegraph is committed to independent, transparent journalism. This article is produced in accordance with Cointelegraph’s Editorial Policy; readers are encouraged to verify information independently.
