Zondacrypto Discloses Inaccessible Bitcoin Wallet Amid Withdrawal Delays in Poland

Zondacrypto, a cryptocurrency exchange operating in Poland, disclosed a wallet holding 4,500 BTC that remains inaccessible because the private keys were not provided by the former CEO during a 2021 ownership transfer. The former CEO has disappeared. The exchange, previously known as BitBay, changed ownership in 2021.

news reports indicate that Zondacrypto has faced frozen or delayed customer withdrawals since late March 2026.

The company denied any misuse of client funds and stated that it remains profitable. To address accusations of misappropriation, the company publicized the inaccessible wallet as proof of reserves. Analysis by blockchain intelligence firm Recoveris, cited in local news, showed bitcoin balances in hot wallets tied to Zonda dropped by about 99% since mid-2024.

The company described the situation as part of broader pressures, including political pressure, regulatory interference, and coordinated media coverage, which led to a surge in withdrawal requests.

Withdrawal delays were attributed to processing tens of thousands of requests in a short period and implementing new security systems, requiring manual verifications. Historical issues include a 2019 warning from Poland's Financial Supervision Authority (KNF) for unauthorized activities.

A shareholder holding a 35% stake was sentenced to eight years in prison for complicity in a 1995 murder and fined 45 million zlotys for VAT fraud. In January 2025, Poland’s Office of Competition and Consumer Protection began an investigation into BB Trade Estonia, Zonda's owner, for violating consumer interests, which remains ongoing.

The wallet disclosed has seen no outgoing transactions and 32 receiving transactions, based on on-chain data.