The data contained in the company's simplified balance sheet, obtained by Money, are alarming.
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According to them, liabilities to customers decreased from EUR 722 million at the beginning of 2025 to only EUR 343 million at the end. This means outflow of funds worth nearly EUR 379 million. Experts have no illusions – this is a phenomenon that goes far beyond ordinary market fluctuations.
— This is not a seasonal fluctuation. This is a “run” in the classical sense – says attorney Robert Nogacki from the Skarbiec Law Firm in an interview with Money. He explains that while in traditional banking, customers line up at branches, in the crypto world this process takes place instantly through system withdrawals.
Liquidity at a critical level
The most disturbing indicator is the ratio of cash held to liabilities. At the end of 2025, Zonda had only EUR 2.8 million in cash, while having EUR 343 million to pay to customers.
Coverage rate is therefore only 0.83 percent Such a low level of liquidity means that the exchange would be unable to satisfy the withdrawal requests of even a small fraction of its users.
The situation is made worse by the fact that the platform has ceased operations and its president, Przemysław Kral, is currently in Israel.
ZND token: marketing instead of foundations
In the face of falling profits (82% decline year-on-year) and a shrinking active user base, the company saved its financial result with its proprietary ZND token. However, experts indicate that this asset had no real economic value.
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— The token had no real asset or utility value. It was not a currency, but only a tool for handling unimportant functions of the platform – explains attorney Nogacki.
Today, the ZND token is virtually worthless — its price dropped by 99.7%, which generated a revaluation loss of nearly EUR 25 million in the company's books.
Blockchain-level investigation
The prosecutor's office and the police are already investigating the case.
According to specialists the key to solving the mystery of the missing millions will not be traditional ledgers, but the analysis of the blockchain network. Cryptocurrency registers are public, which allows investigators to “tag” exchange wallets and check where exactly the funds went.
