Crypto exchange Zonda is under pressure after revealing that a large Bitcoin reserve connected to the company cannot be accessed.
The issue centers on a cold wallet that is currently holding about 4,500 Bitcoin worth roughly $330 million. The whole issue first started after users raised concerns due to delays in withdrawal processing.
The Chief executive Officer of Zonda, Przemysław Kral, released a video explaining the matter and rejecting all the claims of financial wrongdoing. He shared that the wallet address to prove that the funds still exist and were not stolen or misused.
Source: przemyslaw (X)
According to Kral, the private keys needed to unlock the wallet were never transferred to current management. He said those keys were meant to be handed over by former leader Sylwester Suszek, who has been missing since 2022.
The CEO of Zonda also addressed speculation linking him to Suszek’s disappearance. He strongly denied any connection and stated that finding the former executive remains important to resolving the situation.
Prior to the video, recent reports from blockchain analysts suggested that the platform could be facing financial trouble. Some of the claims pointed to a drop in visible wallet balances, raising users fears about how the problem could be solved.
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Kral pushed against all these claims, arguing that the company remains profitable and stable. He blamed the surge in withdrawal requests on negative coverage, which he said caused panic among users.
He explained that the exchange typically handles about 100,000 withdrawal requests in a year. However, within a short period in early April, more than 25,000 requests were made, putting pressure on operations.
Zonda now plans to take legal steps against what it calls false accusations. Kral, Zonda CEO also assured customers that fulfilling user withdrawals and protecting client interests remains a top priority.
This situation has fueled users doubts and also increased scrutiny from both regulators and the public. All thid also adds urgency to the mystery surrounding the Zonda’s former CEO’s disappearance.
At the same time, the company is dealing with rising withdrawal demands. The sudden spike created stress on the system, further deepening concerns among users about access to their funds.
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