Polish Crypto Exchange Zonda Faces Withdrawal Crisis After Losing Access to 4,503 Bitcoin

JH Kim

Summary

Polish cryptocurrency exchange Zonda said major withdrawal delays emerged after it lost access to a cold wallet holding about 4,503 BTC.
Zonda said it cannot process asset withdrawals because it never received the private key from its former CEO, and it denied embezzlement allegations.
Rumors of a funding shortfall fueled a bank run, renewing scrutiny of centralized exchanges’ asset custody structure, key management risks, and the platform’s ability to secure liquidity.

Forecast Trend Report by Period

Polish cryptocurrency exchange Zonda is facing a major withdrawal crunch after losing access to about 4,503 Bitcoin held in a cold wallet.

Cointelegraph reported on June 16 that Zonda said it could not access the cold wallet containing the 4,503 BTC.

The exchange said it never received the wallet’s private key from former Chief Executive Officer Sylwester Suszek, who disappeared in 2022. As a result, the assets cannot be withdrawn.

Zonda denied allegations of embezzlement. Still, rumors of a shortage of available funds have spread, triggering a surge in customer withdrawal requests.

Tens of thousands of withdrawal requests flooded in over the past several days, creating what was effectively a bank-run scenario, the report said.

The episode has renewed scrutiny of how centralized exchanges manage assets and the risks tied to key management. Zonda’s ability to secure liquidity and resolve the situation will be critical.