Zonda CEO Notarizes False Wallet Access Claim

The Polish exchange Zonda has been embroiled in controversy over its handling of customer funds. In June 2025, Przemysław Kral, the company's chief executive, notarized a document claiming that his company had 'unlimited, full and exclusive access' to a Bitcoin wallet containing 4,503 coins.

The attachment to this declaration was a screenshot from mempool.space showing the wallet's balance. However, an analysis of the public blockchain records reveals that this address has not been used since March 2016, when it received its coins.

The company's own spreadsheets show how much was left without the prop: at the end of 2024, a little over a third of what it owed its customers; at the end of 2025, three per cent. The real wallets of BitBay, Zonda's predecessor, are sitting in plain view in the public WalletExplorer database, showing deposits and withdrawals from 2014 to 2021.

Experts say that if this address was ever the reserve meant to cover the deposits, then on the public record that reserve never took part in the life of the exchange. The question is no longer who has the key but what happened to the bitcoins of BitBay's customers between 2016 and 2022.

The notarized page changes nothing about the keys but shows that the address was an alibi, used by the management to close questions from auditors, bookkeepers, and customers. The attachment to the declaration is one sheet: a printout from mempool.space, turned ninety degrees on the page, with the notary's stamp and signature laid over the chart.

The screenshot shows a confirmed balance of 4,503.25874912 BTC, valued at $479,272,822, which works out to roughly $106,400 a coin. The number of unspent outputs (UTXOs) dates the screenshot better than the price: exactly 28 UTXOs only arrived between December 29, 2024, and June 30, 2025.

The address type is P2PKH, the oldest type of Bitcoin address that can be spent with a single signature. The format does not rule out an exchange but shows no sign of what the industry had treated as the security standard.