Poland's leading cryptocurrency exchange Zondacrypto is under fire after its CEO Przemysław Kral revealed the exchange lost control of a wallet holding 4,503 bitcoins (worth roughly $350 million). The bombshell, meant to refute misappropriation claims, instead triggered a bank run that wiped out 99% of the platform's BTC reserves.
The $350M Wallet: Bought but Never Delivered
Kral published the Bitcoin wallet address on social media, insisting he lacked access to its funds. He alleged the wallet was purchased from Sylwester Suszek, founder of rival exchange BitBay, who disappeared in March 2022 before transferring the private keys. Kral said he holds legal documents proving ownership but cannot move the coins. "He's supposed to hand over the keys. Instead, he vanishes," Kral stated, denying any involvement in Suszek's disappearance and appealing to him publicly to complete the deal.
On-chain records show the wallet received its last major deposit in 2016 and has been dormant for over a decade. While this lends credibility to Kral's technical narrative—the funds are untouchable—it also raises questions about why an exchange would buy a wallet with six years of inactivity.
Panic Withdrawals Deplete 99% of BTC Reserves
Rather than calming users, the CEO's admission sparked a run. Estimates indicate Zondacrypto's bitcoin reserves fell by 99% as customers rushed to pull their coins. Kral admitted, "No financial institution could survive this." The exchange's BTC withdrawal channels are now effectively drained, with users shifting to fiat or other cryptos. The event underscores a chronic weakness of centralized exchanges: lack of real-time proof of reserves and opaque business decisions like purchasing legacy wallets.
Polish regulators have yet to comment on the unfolding crisis.
Disappearance Probe Remains Unresolved
Sylwester Suszek's 2022 disappearance is still under investigation. One person faces kidnapping charges, but Suszek's whereabouts remain unknown. The unresolved case now intertwines with the misappropriation allegations against Zondacrypto, putting pressure on Kral to provide concrete documentation of the wallet purchase. Without the private keys—or Suszek's return—the 4,503 BTC may remain as a ghost asset on the exchange's books forever.