Recovering Your Funds in zondacrypto Bankruptcy Proceedings

Magnusson acts for creditors of the Estonian-registered cryptocurrency exchange zondacrypto, operated by BB Trade Estonia OÜ, in the recovery of their deposits. 

On 27 August 2026, on a bankruptcy petition filed by Magnusson, Harju County Court declared BB Trade Estonia OÜ bankrupt and opened bankruptcy proceedings (civil matter no. 2-26-14436).  

To be eligible for distributions from the bankruptcy estate, a creditor must file a declaration of claim with the trustee in the required form and within the statutory deadline. Magnusson is representing affected clients in the submission of their claims. 

To join the bankruptcy proceedings and have Magnusson act for you, 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. Upload evidence supporting your claim.  
4. Pay a retainer fee.  

Most clients get through this in about 20 minutes. Once we have your information and documents, we prepare your declaration of claim and represent you in the proceedings.  

Please be informed that the deadlines for the submission of claims are rapidly approaching: 

11 September 2026 – for filing preliminary declarations of claim to carry voting rights at the first general meeting of creditors; 

27 October 2026 – for filing declarations of claim so that they can be recognised in the proceedings. 

Bear in mind that for successful submission of claims within the deadlines it is crucial to provide all the necessary information and evidence regarding your claim with adequate time before. 

Bankruptcy in Estonia has been declared 

By a ruling of 27 August 2026 Harju County Court has declared BB Trade Estonia OÜ bankrupt and appointed a trustee in bankruptcy. The ruling took effect immediately. The trustee, who acts under the supervision of the court and of the creditors, has taken control of the company’s bank accounts, wallets, receivables, books and contracts. From the moment bankruptcy was declared, anything owed to the company may be paid only to the trustee. Control of the company’s assets has passed out of the hands of its management. 

Asset recovery has therefore already begun. The trustee’s mandate is now active: to trace where client funds went, to bring claims against the company’s management, and to set aside transactions that stripped the company of its assets. Funds recovered flows into the bankruptcy estate, and the estate is distributed only among creditors whose claims have been filed and recognised. 

Why Estonian bankruptcy proceedings 

The criminal investigations in Poland and Estonia are a separate and important track. Criminal proceedings establish guilt and can freeze and confiscate assets, but it is the bankruptcy proceeding that gathers the estate, recovers misappropriated funds and distributes it among creditors. 

Under EU insolvency rules a company can have only one main insolvency proceeding, and it belongs to the Member State where the company has its centre of main interests. BB Trade Estonia OÜ is an Estonian company. It ran its business largely from Estonia, with an office, staff and supervisory board here, held an Estonian virtual currency service provider licence, was supervised by the Financial Intelligence Unit, and its terms of use make Estonian law applicable.  

Main proceedings have been opened in Estonia and are recognised automatically in every EU Member State. A claim filed here is effective throughout the EU, you do not need to file separately in your own country. 

Deadlines for the submission of claims 

The deadline for the submission of declarations of claim is two months from publication of the bankruptcy notice, which means that your claim must reach the trustee by 27 October 2026. 

The first general meeting of creditors takes place on 17 September 2026. To vote at the first general meeting of creditors, you must file a preliminary claim by 11 September 2026. 

We therefore urge you to act without delay and to provide all required information and supporting evidence in good time. A declaration of claim must be submitted in Estonian, with the amount of the claim stated in euros, and must comply in form and content with the requirements of Estonian law and court practice. An incomplete or defective declaration may be returned or contested.  

A claim filed late may still be recognised, but it is satisfied in the last rank. If you never file a declaration of claim, you take no part in the bankruptcy proceedings and receive no distributions from the bankruptcy estate

What happens after the deadline 

Claims are examined in written proceedings, so there is no hearing for you to attend. After the two-month period closes the trustee draws up a preliminary list of creditors and each claim is either recognised or contested. Recognised claims are the basis on which the estate is distributed as assets are traced and realised. That takes time, and we keep the clients we act for informed at each stage. 

Why let Magnusson represent you in the proceedings 

Our attorneys specialise in insolvencies involving crypto-assets and on cross-border asset tracing and recovery. Magnusson is currently representing creditors in the bankruptcy of the crypto-lending platform CoinLoan, a proceeding involving some 3,000 creditors and claims of approximately EUR 200 million, in which distributions to date have satisfied approximately 50% of recognised claims. You can read more about that here.  

Magnusson is part of the world’s leading asset recovery network, ICC FraudNet, and works alongside specialist crypto-forensic partners in tracing the movement of assets connected to the platform. 

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