Zonda, a Polish-based cryptocurrency exchange, is facing a serious “withdrawal crisis” and trust issues. At the heart of the crisis is the inability to access the private key of a cold wallet held by the company containing approximately 4,503 Bitcoin.
Zonda CEO Przemysław Kral revealed the wallet address to the public for the first time in a video statement released today. The wallet, worth approximately $334 million at current prices, is said to have had its last on-chain transaction in November 2025. Kral stated that the private key for this wallet was not transferred to them during the company takeover and that the process was planned to be handled by the company’s founder and former CEO, Sylwester Suszek. However, he added that Suszek has been unreachable since March 2022.
The King categorically denied the allegations of misuse of funds, stating, “That is precisely why I wanted to find Sylwester.”
The controversy surrounding Zonda is not limited to the missing private key issue. Polish media reports highlight claims that authorities are conducting an investigation into the exchange. Meanwhile, blockchain analysis platform Recoveris, based on a sharp drop in the exchange’s hot wallet balances, suggested that Zonda may be facing a risk of “possible bankruptcy.”
Related News A Controversial Proposal from One of Bitcoin’s Lead Developers: “Let’s Freeze BTC That Hasn’t Moved in Over 10 Years”
The King, however, denied these allegations in a statement on April 6, arguing that the platform held more than 4,500 Bitcoin and was capable of meeting all its obligations.
The most striking impact of the crisis on the market side was seen in user behavior. According to information provided by Kral, Zonda, which normally processes approximately 100,000 withdrawal requests per year, received more than 25,000 withdrawal requests in just a few hours to a few days around April 6th. This sudden increase was attributed to panic triggered by negative media reports.
Company management stated that they plan to take legal action against the unfounded allegations, while also assuring users that their withdrawal requests will be fulfilled.
Polish lawmaker Tomasz Mentzen, in a post on the social media platform X, suggested that Zonda may have permanently lost access to the cold wallet in question due to Suszek’s disappearance. However, Kral did not make a clear statement confirming that the funds were definitely lost.
*This is not investment advice.