Zonda: 4,503 BTC Cold Wallet Inaccessible After Handover

In a video posted Thursday, CEO Przemysław Kral disclosed a cold-wallet address that holds 4,503 Bitcoin and stated the private keys were never transferred during a handover from founder and former CEO Sylwester Suszek.

Blockchain records show the address contains 4,503 BTC, roughly $334 million, and the last outgoing transaction from the address was recorded in November 2025. Kral denied misappropriation of customer funds and did not confirm the assets were permanently lost.

The disclosure follows weeks of scrutiny after a blockchain analysis firm reported a sharp drop in the exchange’s hot wallet balances, prompting questions about Zonda’s liquidity. Kral rejected insolvency claims on April 6 and maintained the company held more than 4,500 BTC in total holdings.

Kral attributed recent withdrawal pressure to a rapid spike in requests after negative coverage. He noted Zonda normally processes about 100,000 withdrawal requests per year but received more than 25,000 requests within hours and days around April 6, which increased operational strain on the exchange.

Kral announced plans to pursue legal action over what he described as false claims and pledged that Zonda will meet its obligations to customers.

Polish lawmaker Tomasz Mentzen wrote on social media that Zonda may have lost access to its cold storage after Suszek’s disappearance. Suszek has been missing since March 2022. Reports have referenced allegations of criminal ties among some shareholders, a point Kral has sought to distance the company from.

In the video Kral added: “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.”

Zonda was founded in Poland in 2014 as BitBay and rebranded in 2021. Kral explained the company registered in Estonia because of regulatory uncertainty in Poland and delays in implementing the EU’s Markets in Crypto-Assets rules. The situation has drawn attention from lawmakers and industry observers on oversight and consumer protection in Poland’s crypto sector.