Zondacrypto Bankruptcy – What Do Creditors Need to Do?
On August 27, 2026, Harju County Court in Tallinn declared the bankruptcy of BB Trade Estonia OÜ. BB Trade Estonia OÜ is an Estonian company through which the crypto platform Zondacrypto operated. According to the bankruptcy trustee, the total amount of claims may be close to 700 million euros. The declaration of bankruptcy means that any claims against Zondacrypto must be submitted in the bankruptcy proceedings, and Zondacrypto's assets will likewise be distributed through the bankruptcy proceedings. To put it simply, if you had crypto assets on the platform, the Estonian bankruptcy proceedings are the only legal route for recovering them.
What Happens to Zondacrypto Clients' Assets?
Following the declaration of bankruptcy, control over Zondacrypto’s assets and business activities goes to the bankruptcy trustee. The clients, who had their crypto assets on the platform, will now become creditors with a claim against Zondacrypto. Going forward, any distributions from Zondacrypto’s estate will be made in bankruptcy proceedings.
For Zondacrypto’s clients, the most important question is: how can I make sure that my claim is taken into account in the bankruptcy proceedings?
Zondacrypto’s Clients Must Submit a Proper Bankruptcy Claim
Under the Estonian Bankruptcy Act, a creditor must notify the bankruptcy trustee of its claim within two months of publication of the bankruptcy notice. The deadline is therefore October 27, 2026.
Submitting a bankruptcy claim is not simply a matter of notifying the bankruptcy trustee in any form. The claim must comply with specific legal requirements. A creditor's claim will be taken into account only if it is properly submitted. The claim must be correctly formulated, substantiated and supported by evidence. The bankruptcy trustee is not required to investigate claims on the creditor's behalf. The trustee cannot satisfy claims at their own discretion, if they are not properly submitted. The creditor must actively protect its own rights.
If you have money or crypto assets on Zondacrypto, you should not delay submitting your claim.
Claims can be submitted after the two-month deadline, but these are considered late claims, which are satisfied only after all timely claims are satisfied. If the bankruptcy estate is insufficient to satisfy all timely claims, late creditors will receive nothing at all.
At present, it is not possible to determine how large the actual bankruptcy estate of BB Trade Estonia OÜ will be or how the assets can ultimately be recovered. It is known that criminal proceedings related to Zondacrypto are taking place in Poland. The bankruptcy proceedings may therefore also give rise to potential damages claims or recovery claims against the company's management or related third parties. This, naturally, is not a reason to wait with submitting the claim, since the deadlines are not affected by the size of the bankruptcy estate.
Do You Need Assistance With the Zondacrypto Bankruptcy Proceedings?
The lawyers of law firm Lepmets & Nõges have significant practical experience in this area – not just bankruptcy proceedings in general but specifically bankruptcy of crypto asset providers. We represented many clients in the bankruptcy proceedings of CoinLoan OÜ. CoinLoan was a crypto asset platform operating in Estonia, which similarly went bankrupt in 2023. The initial amount of claims was estimated at several hundred million euros. All first-ranking creditors, i.e. creditors whose claims were secured, were represented by our lawyers.
The CoinLoan case was significant not only because of its scale, but also from a legal perspective. It involved a first-of-its-kind dispute in Estonia concerning the legal nature of the custody of crypto assets. In the course of the proceedings, novel legal practice was developed, recognising that platform clients may themselves be the owners of the crypto assets. In such a case, the appropriate legal remedy may not be merely a claim in the bankruptcy proceedings, but also a claim for the return of assets or for compensation for damages. Such claims are subject to significantly less restrictive time limits than an ordinary bankruptcy claim. It cannot currently be said that the Zondacrypto and CoinLoan situations are legally identical – this depends on the specific contract structure and arrangements of the platform – but the CoinLoan case nevertheless demonstrates that there may be alternative legal avenues for recovering assets.
If you have money or crypto assets on the Zondacrypto platform and need professional representation in the ongoing bankruptcy proceedings, our lawyers will gladly help you out. Contact us as soon as possible at office@leno.ee.
The lawyers of law firm Lepmets & Nõges can assess your legal position, prepare and submit the appropriate bankruptcy claim and, where necessary, represent you in communications with the bankruptcy trustee and the court.
The most important thing at this stage is not to miss the deadline for submitting the claim.
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