Zonda exchange crisis: $330M in Bitcoin inaccessible

Zonda cannot access a cold wallet with 4,500 BTC ($330M+) after the former CEO vanished. Users face withdrawal delays, raising concerns about solvency and internal controls.

Polish cryptocurrency exchange Zonda is facing a crisis after revealing it cannot access a cold wallet containing approximately 4,500 Bitcoin, valued at around $330–$334 million. The private keys to this wallet were never transferred during a company handover, as they were supposed to be provided by former CEO Sylwester Suszek, who has been missing since March 2022. Current CEO Przemysław Kral publicly disclosed the wallet address for the first time and denied any involvement in Suszek’s disappearance or misappropriation of funds. The situation has triggered a surge in withdrawal requests—over 25,000 in just a few hours—and raised serious concerns about Zonda’s solvency and internal controls. Blockchain analysts have observed a sharp decline in the exchange’s hot wallet balances, while Polish authorities are reportedly investigating the platform. Kral emphasized the need to find Suszek to resolve the issue and insisted that the company remains stable, despite growing user distrust and speculation about possible bankruptcy.