Zonda Exchange Reveals 4,500 BTC Wallet Is Inaccessible After CEO Disappearance
Polish crypto exchange Zonda has publicly disclosed a cold wallet holding 4,503 BTC—roughly $334 million—while admitting the private keys remain with a former CEO who has been missing since 2022. The revelation comes as users report withdrawal delays and questions mount over the platform's solvency.
CEO Przemysław Kral posted a video statement Thursday revealing the wallet address for the first time. The wallet's last recorded transaction dates to November 2025, according to blockchain data.
Missing Founder Holds the Keys
Kral said the private keys were supposed to transfer from Zonda founder Sylwester Suszek during a company handover, but that never happened. Suszek has reportedly been missing since March 2022, with Polish media citing alleged criminal ties among certain Zonda shareholders.
"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," Kral stated.
Polish lawmaker Tomasz Mentzen weighed in on X, suggesting Zonda may have effectively lost access to its cold wallet following Suszek's disappearance. Kral stopped short of confirming the funds are permanently lost but acknowledged the keys were never transferred.
Withdrawal Pressure Spikes
The disclosure follows weeks of mounting pressure. Blockchain analytics firm Recoveris published an analysis alleging Zonda could be insolvent based on sharp drops in the exchange's hot wallet balances. Polish authorities have reportedly opened a probe into the platform.
Kral pushed back against insolvency claims, citing the 4,500+ BTC in the now-disclosed cold wallet as proof of reserves. But reserves you can't access aren't exactly reassuring to users trying to withdraw.
The CEO said Zonda typically processes around 100,000 withdrawal requests annually. In the days surrounding April 6, more than 25,000 requests flooded in—a quarter of the yearly volume in mere hours. Kral attributed the surge to negative media coverage and announced plans for legal action against what he called false claims.
Regulatory Limbo Adds Complexity
Zonda, founded as BitBay in Poland in 2014, rebranded in 2021 and later registered in Estonia. Kral told Cointelegraph in February that regulatory uncertainty in Poland—specifically delays implementing the EU's MiCA framework—drove the move.
That decision now complicates matters. The exchange finds itself caught between jurisdictions while facing a withdrawal crisis and political scrutiny in its home market.
For users with funds on the platform, the math is uncomfortable: $334 million in Bitcoin exists on-chain, clearly visible, but potentially unreachable. Whether Zonda can fulfill its obligations without those cold wallet funds—or whether Suszek resurfaces with the keys—remains the central question.