Crypto exchange Zonda has publicly disclosed that a cold wallet containing approximately 4,503 Bitcoin (BTC), valued at roughly $334 million, is currently inaccessible. The revelation comes as the platform faces intense scrutiny and a surge in withdrawal requests from concerned users.
In a video statement, Zonda CEO Przemysław Kral explained that the private keys to the wallet were never transferred to the current management. The keys were supposed to be handed over by the exchange's founder and former CEO, Sylwester Suszek, who has been missing since March 2022. Kral disclosed the wallet address publicly for the first time, stating, "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."
The last recorded transaction from the affected wallet dates back to November 2025. While Kral did not explicitly confirm the funds as permanently lost, the lack of access effectively freezes a significant portion of the exchange's reserves. Polish lawmaker Tomasz Mentzen suggested on social media that Zonda may have entirely lost access to the wallet due to the missing keys.
The crisis escalated following a report by blockchain analysis firm Recoveris on April 6, which alleged potential solvency issues at Zonda after observing a sharp decline in the exchange's hot wallet balances. Kral denied these insolvency claims, insisting the exchange remained fully solvent with holdings exceeding 4,500 BTC. He attributed the recent withdrawal pressure to negative media coverage, noting that Zonda typically processes around 100,000 withdrawal requests annually but faced over 25,000 requests in just hours and days around April 6.
The exchange, founded in Poland in 2014 and rebranded from BitBay to Zonda in 2021, has become entangled in a broader political and regulatory debate. The company had previously moved its registration to Estonia, citing regulatory uncertainty and delays in Poland's implementation of the EU's Markets in Crypto-Assets (MiCA) regulation. Kral stated that Zonda plans to take legal action over what it describes as false claims and has promised to meet all customer obligations.
