Zonda Reveals Cold Wallet Holding 4,503 BTC; Withdrawals Hampered by Missing Private Key

Polish cryptocurrency exchange Zonda is grappling with an acute withdrawal crunch, Cointelegraph reported. CEO Przemysław Kral said in a video statement that the firm has now publicly disclosed, for the first time, a cold wallet address containing about 4,503 BTC—worth roughly $334 million at current prices—but the funds cannot be accessed because the wallet's private key was never passed on during the company's handover. Kral said the key should have been transferred by Zonda's founder and former CEO, Sylwester Suszek, who has been missing since March 2022. He rejected claims that customer funds were misappropriated, arguing that Suszek's disappearance supports his position. The disclosure follows a report from blockchain platform Recoveris, which flagged a sharp drop in Zonda's hot wallet balance, fueling insolvency concerns and prompting a spike in withdrawal attempts. Zonda typically processes about 100,000 withdrawals per year, but received more than 25,000 requests within a few hours around April 6. Kral said the company will pursue legal action over what it calls false allegations and reiterated its commitment to meeting customer financial obligations.