Polish crypto exchange Zonda disclosed that a cold wallet holding about 4,503 BTC is currently inaccessible as withdrawal requests spike and questions swirl around the platform’s governance. In a video posted on X, Zonda chief executive Przemysław Kral showed the wallet address and said the private keys were never handed over, arguing that the handover failed because founder and former chief executive Sylwester Suszek has been missing since 2022.

The disclosure arrives amid weeks of controversy linked to local media reports of a policing probe into Zonda, and a Recoveris analysis that warned the exchange could be insolvent given a sharp drop in the hot wallet balances. The address’s last on-chain activity dates back to November 2025, and the balance remains around 4,503 BTC, valued at roughly $334 million depending on the price at the time of measurement.

Previously, Kral had denied insolvency claims following Recoveris’ April 6 report, reiterating that Zonda remained solvent with more than 4,500 BTC in custody. In the latest video, he attributed the withdrawal pressure to an abnormal spike in requests, driven by negative media coverage. He noted that Zonda normally processes around 100,000 withdrawal requests per year, but more than 25,000 were filed within hours and days around early April. He also vowed to pursue legal action over what he described as false claims and to uphold customer obligations amid the withdrawal surge.

Polish lawmaker Tomasz Mentzen commented on X that Zonda may have lost access to its cold wallet following Suszek’s disappearance. While Kral did not say the funds were lost, he stressed that the private keys were never transferred during the handover. Suszek has been reported missing since March 2022, with coverage referencing alleged criminal ties among some of Zonda’s shareholders when the firm was known as BitBay.

Founded in Poland in 2014 and rebranded as Zonda in 2021, the exchange has been at the center of regulatory and political debate around crypto in the country. Kral told Cointelegraph in February that the company registered in Estonia amid regulatory uncertainty in Poland and delays implementing the European Union’s Markets in Crypto-Assets regime, known as MiCA. The broader context sees Poland balancing national policy with EU rules as regulators weigh stronger oversight of crypto firms and custody practices.

Key takeaways

• The Zonda cold wallet address holds about 4,503 BTC, last active in November 2025, valued at roughly $334 million as markets moved. The private keys were reportedly never handed over to the founders, complicating any potential access recovery.
• Kral attributed withdrawal pressure to an unusual spike around early April, with more than 25,000 withdrawal requests in a short period, far exceeding Zonda’s typical annual pace of around 100,000.
• Recoveris’ analysis and local media reports have fueled insolvency concerns, while Kral has publicly denied such claims and pledged to meet customer obligations while pursuing legal action over what he calls false accusations.
• The ongoing dispute intersects with regulatory dynamics in Poland and the EU, including MiCA-related uncertainties that prompted Zonda to register in Estonia and heightened scrutiny of the Polish crypto sector.

Disclosure of the inaccessible wallet and the stakes for users

The revelation that a sizable cold wallet could be out of reach raises immediate questions for customers relying on Zonda for funds custody and withdrawals. While Kral maintains that the private keys were never transferred, the situation underscores the fragility that can accompany custody arrangements when founders vanish or governance transitions stall. The wallet’s inactivity since late 2025 adds another layer of ambiguity about the future accessibility of those funds and how the exchange intends to honor withdrawal requests already in flight.

Market observers will be watching how Zonda navigates this impasse — whether through legal channels, potential third-party custodial interventions, or other mechanisms to restore confidence among users and counterparties. The balance between public assurances and on-chain realities is at the heart of investor and customer risk in a scenario where a substantial asset holdings appear to be stranded.

Regulatory scrutiny, solvency debates, and the Polish crypto frame

Media coverage of a possible Polish authorities probe has amplified a broader conversation about how crypto exchanges should be supervised in Poland and across the European Union. The Recoveris report, which suggested a potential insolvency risk based on on-chain balances, has interacted with local reporting to amplify investor concern, even as Zonda asserts solvency. The exchange’s leadership has argued that a sudden uptick in withdrawal demand, rather than balance mismanagement, explains the immediate stress around withdrawals.

The case sits at a crossroads of national policy and EU-wide rules. Zonda’s decision to register in Estonia, highlighted by Kral, reflects a strategic coping mechanism to navigate regulatory uncertainty within Poland and the slow rollout of MiCA. As policymakers debate stricter custody standards and clearer licensing pathways for crypto businesses, Zonda’s public custody incidents may sharpen the debate over how quickly and robustly regulators should intervene to protect consumers while fostering innovation.

The unfolding narrative also touches on the sensitive topic of Suszek’s disappearance and the historical governance of the company, which was previously BitBay before the rebrand. Reports of alleged ties between shareholders have added a criminal-justice dimension to the financial and regulatory questions surrounding Zonda. While there is no definitive public linkage announced between Suszek’s disappearance and the current liquidity concerns, the constellation of factors has intensified calls for stronger disclosure and more transparent governance in regional crypto ventures.

What to watch next for Zonda and the broader landscape

Moving forward, observers will scrutinize whether Zonda provides additional on-chain disclosures, updates on the status of the private keys, and any official statements clarifying the custody framework and customer guarantees. Regulators in Poland and across the EU will likely monitor how the exchange resolves withdrawal pressures, communicates with customers, and addresses governance questions stemming from Suszek’s absence and historical leadership changes. The Estonia registration and MiCA implications will be a recurring thread as the sector tests the balance between regulatory compliance and practical operations in a rapidly evolving policy environment.

Readers should stay tuned for any new statements from Zonda, any formal regulatory actions, and further analytical commentary from firms tracking custody risk and on-chain activity. The convergence of custody challenges, regulatory pressures, and a high-profile missing-founder case ensures that Zonda’s next moves will be read as a bellwether for governance standards and investor protection in Poland’s expanding crypto ecosystem.

Sources and context for this report include Zonda’s disclosed wallet narrative and Kral’s video statement, media reporting on the Polish probe, Recoveris’ analysis, on-chain data from Blockchain.com, and related regulatory discussions around MiCA and Poland’s crypto policy framework.