Zonda Exchange Admits $334 Million Bitcoin Wallet Inaccessible

Zonda exchange is facing a severe liquidity crisis after its CEO admitted that a cold wallet containing approximately 4,500 Bitcoin—valued at roughly $334 million—is currently inaccessible. The admission comes as the platform struggles to manage a wave of delayed customer withdrawals. CEO Przemysław Kral stated in a video address that the private keys to the wallet were never handed over by the company's founder and former CEO, Sylwester Suszek, who has been missing since March 2022. Kral denied any involvement in Suszek's disappearance, arguing that the missing funds are the primary reason he seeks the founder's return. This disclosure follows an analysis by blockchain platform Recoveris, which suggested Zonda could be insolvent following a sharp decline in its hot wallet balances. The exchange has also reportedly come under scrutiny from Polish authorities. The inaccessible wallet in question has not seen a transaction since November 2025. Kral attributed the current withdrawal pressure to an abnormal spike in activity, noting that the exchange processed over 25,000 requests within a few days around April 6, compared to a typical annual volume of 100,000. He maintains that the company remains solvent and intends to fulfill all customer obligations. The crisis has intensified political debate regarding cryptocurrency regulation in Poland. Zonda previously registered in Estonia to avoid local regulatory uncertainty and to align with the European Union's Markets in Crypto-Assets (MiCA) framework.