Crypto exchange Zonda says a cold wallet holding roughly 4,500 BTC is currently inaccessible as the platform faces scrutiny over delayed withdrawals. CEO Przemysław Kral published a video in which he disclosed the wallet address and said the private keys were never handed over during the company handover.
Kral denied allegations that he misappropriated customer funds and said those keys were meant to be transferred by Zonda founder and former CEO Sylwester Suszek, who has been missing since 2022. He said the disclosure demonstrates his interest in Suszek being found and rejected suggestions of any involvement in the disappearance.
The address Kral identified contains 4,503 BTC, roughly $334 million at current values, with the last on-chain movement recorded in November 2025. This is the first time Zonda has publicly named that particular cold wallet amid the controversy.
Kral’s announcement follows weeks of reporting about a possible probe by Polish authorities and an analysis from blockchain firm Recoveris, which said Zonda’s hot-wallet balances had fallen sharply and raised doubts about the exchange’s liquidity. Kral has repeatedly rejected claims of insolvency, saying Zonda remains solvent and retains more than 4,500 BTC in holdings.
He attributed recent withdrawal pressure to an abnormal surge of requests tied to negative media coverage. Kral said Zonda typically processes about 100,000 withdrawal requests per year but experienced more than 25,000 requests within hours and days around April 6. He also said the company will seek legal remedies over what he called false claims and pledged to meet customer obligations amid the disruption.
Polish lawmaker Tomasz Mentzen suggested the exchange may have lost access to its cold wallet after Suszek disappeared. Kral did not state that the funds are irretrievably lost, only that the private keys were not transferred at the time of the handover. Suszek has been missing since March 2022, and some reports have referenced alleged criminal links involving certain former shareholders of BitBay, the platform from which Zonda evolved.
Founded in Poland in 2014 and rebranded as Zonda in 2021, the company later registered in Estonia as it navigated regulatory uncertainty and delays in implementing the EU’s MiCA rules. The recent developments have drawn Zonda into a wider political debate and intensified scrutiny of Poland’s cryptocurrency sector.
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