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. 

Please note that deadlines for the submission of claims will be set by the court and trustee following the formal declaration of bankruptcy. It is critical that you act promptly and provide all necessary information and supporting evidence without delay, as creditors have two months to submit their claims after bankruptcy is declared. 

You can read more about the bankruptcy process here. 

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

Magnusson has direct, hands-on experience running exactly this type of recovery process. In 2023, the Estonian crypto lending platform CoinLoan was declared bankrupt, leaving thousands of creditors with frozen deposits. Magnusson organised a group of affected creditors, prepared and submitted their claims to the bankruptcy trustee, represented the group’s interests before the bankruptcy committee, and closely monitored the trustee’s handling of the estate’s assets throughout the proceedings. 

The CoinLoan case is one example of Magnusson’s considerable experience in matters related to insolvency, crypto-asset disputes, cross-border asset tracking and recovery, and combating international investment fraud. Recent work of Magnusson’s Dispute Resolution & Insolvency team includes legal representation of over 7,000 local and international investors across fifteen jurisdictions in large class action bankruptcy and criminal proceedings, with aggregate damages exceeding EUR 35 million. Magnusson is part of ICC FraudNet, the world’s leading asset recovery legal network, granting direct access to leading cross-border know-howin asset recovery. 

Coverage on our previous experience: 

Magnusson Successfully Represented Creditors in Estonia’s Largest Crypto Bankruptcy

CEE Legal Matters: Magnusson Represents Investors in Fraud Claim Proceedings Against Estonian Crowdfunding Platforms  

Magnusson assisting Lenndy investors with collective efforts to recover their investments