Magnusson Successfully Represented Creditors in Estonia’s Largest Crypto Bankruptcy

Magnusson represented the largest creditor group by claim value in the CoinLoan bankruptcy proceedings, Estonia’s first and largest crypto insolvency to date. Magnusson organised a group of creditors with aggregate claims of approximately 22 million euros out of a total claim pool of 200 million euros. The proceedings spanned three years and involved complex cross-border asset tracing across Estonia, Liechtenstein, and the United States. 

Magnusson submitted and defended clients’ claims before the bankruptcy trustee, secured active representation on the creditors’ committee overseeing the administration of the bankruptcy estate and argued for timelyliquidation of the estate’s volatile crypto assets to preserve their value ahead of distribution. Throughout the proceedings, Magnusson kept clients regularly informed at every stage of a complex and at times an unpredictable process. The proceedings have resulted in the majority of deposits being recovered, a strong outcome by the standards of crypto-platform insolvencies internationally. 

Magnusson has extensive experience in matters related to insolvency, crypto-asset disputes, cross-border asset tracking and recovery, and combating international investment fraud. Magnusson is part of ICC FraudNet, the world’s leading asset recovery legal network, granting direct access to the best cross-border know-how in asset recovery.