Magnusson is assisting ZondaCrypto creditors to recover their deposits

The recent Zondacrypto situation has created significant uncertainty for many investors across Europe. Zondacrypto is a cryptocurrency exchange that has operated in several European markets and has used Estonia as part of its corporate and licensing structure. It has been one of the most visible cryptocurrency exchanges in Central and Eastern Europe, widely known through sports sponsorships, extensive marketing campaigns, and a strong retail investor base in Poland. 

In recent weeks, Zondacrypto has become the subject of intense scrutiny and prosecutorial attention. Many users have reported delayed or blocked withdrawals, raised concerns regarding reserve transparency, and questioned the recoverability of assets held on the platform. The key issue is not merely whether assets exist on paper, but whether they are properly segregated, readily accessible, and available to satisfy customer withdrawals when demanded. Where a platform is unable to meet withdrawal requests as they fall due, this may indicate serious liquidity of distress and insolvency.   

For affected users, speed and strategy are essential, particularly where Estonian bankruptcy proceedings may become necessary. Early legal action can help preserve claims, secure critical documentation, and support asset tracking and recovery efforts, thereby materially improving the prospects of recovery. At the same time, creditors should bear in mind that under Estonian bankruptcy proceedings, the ultimate responsibility for protecting their position rests with the creditor. Claims must be submitted within the prescribed deadlines, in the required form, and supported by adequate evidence. Failure to lodge a claim properly and on time may significantly prejudice recovery prospects, regardless of the underlying merits of the claim. 

Magnusson is well positioned to assist clients impacted by the Zondacrypto crisis. We are a leading international business law firm with substantial experience in digital asset recovery matters. Our recent work includes representing creditors’ interests in the insolvency proceedings of the crypto lending platform CoinLoan, as well as representing more than 3000 local and international creditors in the largest crowdfunding fraud in the Baltic States. Across these and numerous other mandates, investors have recovered a significant portion of their assets through a carefully structured legal process. Magnusson is also part of the world’s leading asset recovery legal network ICC FraudNet, granting direct access to the best cross-border know-how in asset recovery.