Cryptocurrency exchange Zonda faces a major crisis after disclosing that 4,500 Bitcoin, worth approximately $330 million, is locked in an inaccessible cold wallet. The exchange’s CEO, Przemysław Kral, stated the private keys were never transferred by the former leader, who has been missing since 2022. This revelation triggered panic among users, leading to over 25,000 withdrawal requests in days, far exceeding normal operational levels.
The Zonda crypto exchange is under significant pressure after revealing a critical issue with a major Bitcoin reserve. A cold wallet holding about 4,500 Bitcoin, valued at roughly $330 million, is currently inaccessible due to missing private keys.
Users first raised concerns after experiencing delays in withdrawal processing, which prompted the disclosure. Zonda CEO Przemysław Kral released a video statement addressing the situation and rejecting claims of financial misconduct.
Kral explained that the necessary private keys were never handed over to the current management team. He stated those keys were meant to be transferred by former leader Sylwester Suszek, who has been missing since 2022.
The CEO also denied any connection to Suszek’s disappearance, emphasizing that locating the former executive is crucial. Prior to his statement, blockchain analysts had reported declining visible wallet balances, fueling user fears about the platform’s stability.
Kral argued the company remains profitable and blamed a surge in withdrawal requests on negative media coverage. He noted the exchange typically processes about 100,000 withdrawal requests annually, but faced over 25,000 requests in a short period in early April.
The situation has intensified user doubts and drawn increased regulatory and public scrutiny. Zonda now plans to pursue legal action against what it calls false accusations while prioritizing the fulfillment of user withdrawals.
