Zondacrypto Exchange Faces Allegations of Misappropriating $350 Million, CEO Publicly Denies

One of Poland’s largest cryptocurrency exchanges, Zondacrypto, saw its CEO Przemysław Kral publicly declare on April 16 via social media that the exchange cannot access a wallet holding 4,503 bitcoins, now worth more than $350 million. Kral disclosed the wallet address involved to refute accusations of misappropriation, but this disclosure immediately triggered a large-scale withdrawal.

CEO Kral: The Statement and the Denial of the Allegations

(Source: X)

According to Kral’s public statement on X, the 4,503 BTC in question were purchased from Sushchek, the founder of BitBay. Kral has documents related to recorded proof of ownership of the funds, but because Sushchek never completed the transfer of the private keys, the funds cannot be used in a technical sense.

Kral directly quoted in his statement: “Based on these documents, when Sylwester was supposed to hand over the private key for that address to me, he disappeared.”

Kral also denied in the same statement having any connection to Sushchek’s disappearance, and cited: “For everyone claiming I’m connected to Sylwester’s disappearance: this is the key reason why I most want him to be found. He might be watching this video—I urge him to honor the agreement.”

The Wave of Withdrawals and Current Reserves

According to public reports, after Kral’s statement was released, it triggered large-scale user withdrawals, estimated to reduce Zondacrypto’s bitcoin reserves by about 99%. In his statement, Kral said: “No financial institution can get through this.”

Based on on-chain information provided by Kral, the wallet address in question received most of its funds in 2016, and has recorded no relevant transactions for more than 10 years since then.

Status of the Investigation into Sushchek’s Disappearance

According to public court records, BitBay exchange founder Sushchek was reported missing in March 2022, and the related investigation is still ongoing. One suspect has been facing kidnapping charges over the incident, but Sushchek’s exact whereabouts remain unknown to date, and the case has not been closed.

Frequently Asked Questions

How were the 4,503 bitcoins that Zondacrypto cannot access obtained?

According to Kral’s public statement, the bitcoins in question were purchased from Sushchek, the founder of BitBay. Kral has documents related to recorded proof of ownership of the funds, but before Sushchek disappeared in March 2022, he never completed the formal transfer of the private keys.

Why did Zondacrypto’s bitcoin reserves see withdrawals at this scale?

According to public reports, Kral’s statement disclosure triggered large-scale user withdrawals, estimated to reduce Zondacrypto’s bitcoin reserves by about 99%. In his statement, Kral said, “No financial institution can get through this.”

What is the progress in the investigation into the disappearance of BitBay founder Sushchek?

According to public court records, the investigation into Sushchek’s disappearance is still ongoing. One suspect is facing kidnapping charges, but Sushchek’s whereabouts remain unknown to date, and the case has not been closed.