Following a notice published in the Estonian official gazette, Ametlikud Teadaanded, the Polish Ministry of Justice announced a breakthrough in the Zondacrypto platform case. By a court decision in the Republic of Estonia on August 27, 2026, the company BB Trade Estonia OÜ (registration number: 14814864), which operated the Zondacrypto operating platform, was declared bankrupt. The bankruptcy decision is immediately enforceable. For all those who stored funds on the exchange and lost access to them, this means that the primary formal route to recovering their money has become filing a claim with the Estonian bankruptcy trustee.
The platform's problems had been mounting for some time. Deadlines announced by the company's management to restore payments were unsuccessful, and law enforcement agencies became involved. The Polish criminal proceedings allege that numerous individuals were misled about the possibility of purchasing and storing cryptocurrencies on the Zondacrypto exchange, thus causing them to dispose of their assets at a disadvantage. The bankruptcy filing in Estonia was a consequence of the operator's financial collapse. The bankruptcy trustee estimates that the total value of creditor claims could exceed €700 million.
Time is of the essence throughout the entire procedure, as the deadline for filing claims expires on October 27, 2026. Estonian bankruptcy law gives creditors two months from the date of publication of the notice to file all claims that arose before the bankruptcy was declared, regardless of their basis or maturity date, with the bankruptcy trustee. Claims filed after the deadline, even if recognized, are satisfied last. In proceedings where the company's assets are rarely sufficient to cover all debts, this practically means minimal chances of recovering any money. Estonian law does allow for the possibility of filing a motion to reinstate the deadline, but this requires proof that the delay was due to a valid reason beyond the creditor's control.
The proceedings are not conducted in Poland, so creditors do not use the National Debt Register. The notification should be submitted directly to the trustee, Margus Lentsius of the law firm Advokaadibüroo Lentsius & CASUS, based in Tallinn at Lõõtsa Street 8A (email address: haldur@lentsius.ee). Claims can be submitted in person or by a representative. The EU form for the submission of claims in cross-border insolvency proceedings, which constitutes Annex II to Commission Implementing Regulation (EU) 2017/1105, is used for the notification. The notification, along with the supporting documents, can be submitted electronically; however, it is essential to retain proof of delivery and a full copy of the submitted documents.
Due to the lack of access to the exchange's panel, the claim must be proven using external documents. The claim must specify the amount and basis for the claim. It's recommended to include account identification data (login and associated email address), transaction history, emails from the exchange confirming deposits and withdrawal requests, screenshots of wallet contents (if available), and confirmations of transfers from bank accounts to the exchange. The claim amount is stated in euros, using the exchange rate on the day bankruptcy is declared, which requires particularly careful calculation in the case of cryptocurrencies.
It's also important to remember that filing a crime report and obtaining injured party status in Polish criminal proceedings does not replace filing a claim. The division of a bankrupt company's assets among creditors is determined solely by bankruptcy proceedings in Estonia, so it's advisable to pursue both paths in parallel.
The recoverable amount remains unknown at this time, as it depends on the value of assets recovered by the bankruptcy trustee and the number and amount of recognized claims. However, it is certain that individuals who fail to submit their claims by October 27, 2026, will lose any real chance of participating in the division of the bankrupt company's assets.
This article is for informational purposes only and does not constitute legal advice.
The law is current as of September 26, 2026.
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