Recovering Your Funds in zondacrypto Bankruptcy Proceedings

Magnusson is helping a group of creditors of the Estonian-registered cryptocurrency exchange zondacrypto (operated by BB Trade Estonia OÜ) recover their lost deposits. Magnusson has filed an application for the bankruptcy of the platform and is already representing affected clients in the submission of their claims.  

To join the bankruptcy proceedings, please go to  this website  and complete the following steps:  

1. Fill out the client onboarding form.  
2. Sign an engagement letter and a power of attorney. 
   
3. Pay a retainer fee. 
   
4. Upload evidence supporting your claim.  

These 4 steps will take approximately 20 minutes and there is no further need for your active involvement in the process. After receiving your information and documents we will process your claim and represent you in the bankruptcy proceedings.  

Bankruptcy proceedings in Estonia have started 

On 3 July 2026, Magnusson filed a petition for the bankruptcy of BB Trade Estonia OÜ and by a ruling of 6 July 2026, Harju County Court accepted that petition for proceedings in civil matter No. 2-26-14436. By a further ruling on 27 July 2026, the court appointed an interim trustee, suspended the enforcement proceedings conducted in respect of the debtor’s assets and prohibited the debtor from disposing of assets without the consent of the interim trustee. The interim trustee must submit a report about the debtor’s solvency by 21 August 2026, and after examining the report the court will decide on declaring BB Trade Estonia OÜ bankrupt. 

Why Estonian bankruptcy proceedings 

There can be only one main bankruptcy proceeding in the EU, and once it is opened in Estonia it is automatically recognised in every other member state, the Estonian trustee’s powers reach the company’s assets across the EU, and a claim submitted in Estonia is effective throughout the Union, so you do not need to file separately in your own country. Even if Estonia’s position were contested, the company’s office and staff here would still support proceedings in Estonia covering the Estonian assets. The criminal investigations in Poland and Estonia are a separate track and an important one, but criminal proceedings are directed at establishing guilt – it is the bankruptcy proceeding that gathers what remains of the assets and distributes it among creditors.  

BB Trade Estonia OÜ is Estonian legal entity, which ran its business mostly from Estonia, with an office, staff and the supervisory board here. It held an Estonian virtual currency service provider licence and was supervised by Estonia’s Financial Intelligence Unit. According to the terms of use you accepted Estonian law applies. Under EU insolvency rules the country entitled to run the main bankruptcy is the one where the company has its “centre of main interests”. The Estonian connections here are strong, publicly verifiable and precisely the kind courts rely on, which is why we consider Estonia the correct forum and the one most likely to withstand challenge. 

Deadlines for the submission of claims 

The deadline for the submission of declarations of claim will be two months after the court declares bankruptcy. If you intend to use the assistance of an Estonian attorney, it is critical that you act promptly and provide all necessary information and supporting evidence without delay. It is also important to note that the Estonian courts require claims to be filed in Estonian and the claim size to be expressed in euros. 

If you file your declaration of claim after the deadline, you are paid last out of the bankruptcy estate, only after secured claims (claims backed by a pledge) and all claims filed on time have been paid in full. If you never file a declaration of claim, you take no part in the bankruptcy proceedings and receive no distributions from the bankruptcy estate.  

Why let Magnusson represent you in the proceedings 

The attorneys of Magnusson have the knowledge and experience required in insolvency proceedings involving crypto-assets and cross-border asset tracing and recovery. Magnusson is currently representing creditors in the bankruptcy proceedings of the crypto-lending platform CoinLoan, where approximately 50% of the claims of some 3,000 creditors, totalling approximately EUR 200 million, have been satisfied. You can read more about that here. Magnusson is also a member of ICC FraudNet, the world’s leading asset recovery network, and cooperates on a cross-border basis with numerous law firms across the world. 

For further information, please contact us at  zondacrypto@magnussonlaw.com.