Zondacrypto's Multimillion-Euro Bankruptcy: Lepmets & Nõges Represents One of the Largest Creditor Groups
The bankruptcy proceedings of the Polish crypto platform Zondacrypto have rapidly grown into one of the largest ongoing insolvency cases in Estonia – within just the first few weeks, the bankruptcy trustee had already received more than 2,100 claims totalling nearly EUR 23.5 million. In these proceedings, the law firm Lepmets & Nõges represents, in monetary terms, one of the largest groups of creditors.
What is Zondacrypto?
Zondacrypto is a Polish-founded crypto asset trading platform that operated in Estonia under an Estonian licence, through the company BB Trade Estonia OÜ. This is not a typical case of insolvency caused by a crypto market downturn or risky investments. What makes the case unusual is that the company's largest asset — close to 4,500 bitcoin — has simply disappeared. Criminal proceedings are also under way in Poland against the platform, and a member of its management board is reported to have fled the country. According to bankruptcy trustee Margus Lentsius, the company's accounting records are deficient and the true state of its assets remains unclear. In May 2026, the company also lost its Estonian licence.
The exact number of creditors and the size of the debt are currently unknown. Cryptobriefing.com has estimated the damage at EUR 560 million, while the bankruptcy trustee has suggested a figure of EUR 700 million. It is unlikely, however, that claims filed in the bankruptcy proceedings will reach that total. Many creditors are based abroad, and not all of them may even be aware of the Estonian bankruptcy proceedings – let alone have the knowledge, willingness or capacity to take part in proceedings in a foreign country.
Lepmets & Nõges — prior experience now serving new clients
The law firm Lepmets & Nõges represents one of the largest groups of Polish creditors in the bankruptcy proceedings. Claims amounting to nearly EUR 7 million have been filed on their behalf so far, with more being added daily. The case is led by our attorney-at-law Kristiina Pralla, who brings extensive experience from the CoinLoan OÜ bankruptcy proceedings. Like Zondacrypto, CoinLoan operated through an Estonian limited company, and it went bankrupt in 2023, causing losses running into several hundred million euros. We have represented creditors in the CoinLoan OÜ proceedings from the outset, and the case remains ongoing. In the course of those proceedings, the court also established an important precedent on the legal nature of holding crypto assets, which may become relevant in the Zondacrypto case as well.
Do you need help filing a claim?
We have previously written about the course of Estonian bankruptcy proceedings and related questions here. If you were a Zondacrypto user and Zondacrypto owes you money, the only way to recover it is by filing a claim in the bankruptcy proceedings. Zondacrypto no longer makes any payments outside of that process. It is important to know that claims may be filed until 27 October 2026. Claims filed after that date will be satisfied in a lower ranking order, and it is unlikely that any funds will remain to be distributed to creditors in that later group.
If your assets remained on the platform, do not leave it until the last moment to file your claim. Contact us at office@leno.ee – our attorneys will be glad to help you prepare and file your claim and can represent you in the bankruptcy proceedings.
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