The bankruptcy proceedings for Zondacrypto are ongoing, with the appointed Estonian receiver, Margus Lentsius, continuing to receive claims from clients unable to access their funds on the cryptocurrency exchange. Lentsius has estimated that the final tally of claims may significantly exceed current submissions, potentially exceeding €700 million, which is approximately 3 billion zł.
According to “Puls Biznesu,” creditors have until October 27 to officially file their claims against BB Trade Estonia, exactly two months following the Tallinn court’s declaration of the company’s bankruptcy.
Clients who fail to submit their claims by the deadline will be the last to receive any funds, should the receiver deem their claims valid. As of Thursday morning, over 2,000 claims had been filed.
The receiver warns that many clients might mistakenly believe that merely contacting Polish prosecutors will suffice to protect their interests. In reality, each client must file a claim directly with the Estonian receiver, as legal proceedings in Poland do not exempt them from this requirement.
First Meeting in Tallinn Concerning Zondacrypto Creditors
On Thursday, September 17, a meeting was held in Tallinn with creditors and Margus Lentsius. Primarily Polish lawyers attended, representing clients from both countries, while some affected individuals joined the discussions remotely. The meeting was conducted in both Estonian and Polish with the aid of a translator.
Three main groups of creditors were identified during the meeting, with individual claims varying widely from €13.05 to over €1.2 million. Estonian lawyer Kristiina Pralla represents clients who collectively lost seven million euros.
Different sources cite varying figures; Cryptobriefing reports a total loss of €560 million, while preliminary estimates from Polish prosecutors suggested losses of at least €80 million and around 30,000 clients affected. However, the receiver anticipates that the final amount may surpass €700 million.
Bankruptcy Committee Begins Operations
The participants established a three-member bankruptcy committee, with Polish lawyer Damian Przybyłowski, representing small creditors with claims of €2.3 million, taking a seat. Estonian lawyer Marek Keiman and Robert Nogacki will represent larger creditors, with Keiman handling claims exceeding €2 million.
Przybyłowski is managing a highly diverse group of clients, some of whom invested modest amounts, while others lost as much as €500,000. The group includes experienced traders as well as ordinary individuals seeking quick profits in cryptocurrencies.
The lawyer emphasizes that a major obstacle for Polish clients is their unfamiliarity with Estonian law and language. The receiver only accepts documents in English, creating an additional barrier. Many creditors in Poland have opted to hire representatives to consolidate their claims and coordinate actions.
The Mystery of Missing Bitcoins
Lentsius has reported that, according to the company’s balance sheet, it possesses assets worth €721 million. However, he cautioned that the accounting records may be unreliable, complicating the verification of BB Trade Estonia’s actual assets.
Of particular concern are 4,500 missing bitcoins, currently valued at $348 million. As Lentsius pointed out, this is where the focus should lie. He still lacks access to the company’s cryptocurrency accounts, although efforts are underway to resolve this issue.
Despite CEO Przemysław Kral having traveled to Israel at one point, both he and board member Dawid Sendecki have reportedly maintained contact with the receiver, according to “PB.”
Przybyłowski cannot yet predict how much creditors will recover. He estimates that several months of analysis will be needed to determine whether affected individuals will receive back 5%, 10%, or even 50% of their investments.
“It could be that there are plenty of assets to cover all claims, but it could also be that there aren’t enough. As of now, we still lack sufficient information,” stated the lawyer in an interview with Estonian “Aripaev.”
