The insolvency of BB Trade Estonia OÜ - what zondacrypto clients need to know
The cryptocurrency exchange zondacrypto has been a source of concern for its users for some time. Now the situation has become official - on 27 August the insolvency of BB Trade Estonia OÜ was declared, the company operating the platform. For thousands of clients, including many Poles, this means they must take specific legal steps if they want to recover their funds.
The National Public Prosecutor's Office has issued a statement clearly indicating that simply filing a report of a crime with the police or the prosecutor's office is not enough to pursue claims in insolvency proceedings. These are two separate proceedings - criminal and insolvency - and taking part in one does not mean automatically joining the other.
Clients who have so far focused solely on the Polish investigation must act without delay in the Estonian insolvency proceedings as well. Otherwise, they may irrevocably lose the chance of recovering even part of the money they invested.
Importantly, the position of the National Public Prosecutor's Office has also been confirmed by the Ministry of Justice, which stresses the importance of filing claims on time directly with the insolvency trustee in Estonia.
Deadline for filing claims - why you must not miss it
Creditors of the insolvent company have two months from the publication of the insolvency notice to file their claims. This deadline expires on 27 October 2026. It applies to all claims arising before the declaration of insolvency - including those that are not yet formally due for payment.
Missing this deadline does not result in the automatic rejection of a claim, but it carries serious procedural consequences. Claims filed late, even if accepted by the trustee, go to the back of the queue for satisfaction. In practice, given the company's limited assets, late creditors may receive no payout at all.
That is why it is so important not to leave filing until the last minute. Preparing complete documentation takes time, and any formal deficiencies may further delay the whole process. People who rely solely on the outcome of the Polish investigation risk losing the right to a real share in the distribution of the assets of the insolvent exchange operator.
It is worth stressing that this deadline cannot be extended where the creditor's privileged position is concerned. Every day of delay reduces the chances of successfully recovering your funds.
How to file a claim with the trustee in Estonia? A practical guide
The claim should be sent directly to the insolvency trustee appointed in the Estonian proceedings. You can do this yourself or through a professional representative. The trustee's details are as follows:
- Trustee: Margus Lentsius
- Law firm: Advokaadibüroo Lentsius & CASUS
- Address: Lõõtsa 8 A, Tallinn, Estonia
- Email: [email protected]
What documents should you prepare?
The claim must state the creditor's details precisely, describe the basis of the claim and specify its amount. The trustee must be able to link a specific person to an exchange account and determine the amount owed. To this end, it is worth attaching:
- Transaction history on the zondacrypto platform
- Proof of deposits (bank transfers, confirmations from cryptocurrency wallets)
- Screenshots of the account balance on the date of insolvency or the last access
- Unexecuted withdrawal instructions - evidence that the platform failed to carry out the order
- Correspondence with the platform - emails, chat messages, support tickets
The EU form and the question of language
A helpful tool is the standard EU form for lodging claims, available on the European e-Justice portal. Its use is not mandatory, but it significantly helps to organise the documentation and increases the chances of the claim being properly considered.
The claim may be drawn up in Polish, but the trustee may later require a translation into Estonian or English. Before sending the documents electronically, it is worth contacting the trustee's office to confirm the requirements for signatures and the format of attachments.
Criminal proceedings versus insolvency proceedings - key differences
Many zondacrypto clients make the mistake of equating victim status in the Polish investigation with active participation in the Estonian insolvency proceedings. These are two entirely separate proceedings, conducted in different countries, under different rules and for different purposes.
Criminal proceedings conducted by the Polish prosecutor's office aim to establish whether a crime has been committed and to hold those responsible criminally liable. Even if a client has been questioned and has handed documents to the investigators, this does not replace formally filing a claim in the insolvency procedure.
Insolvency proceedings in Estonia, by contrast, serve to satisfy creditors from the assets of the insolvent company. It is in these proceedings that it is decided who will receive a refund and in what amount. Without active participation - that is, filing a claim with the trustee - the client remains outside this process, regardless of how advanced the Polish investigation is.
It is therefore worth taking action in parallel on both fronts. Documents handed to the Polish prosecutor's office do not automatically reach the Estonian trustee - a separate, independent filing is required.
What happens after you file a claim? Realistic expectations
Filing a claim is only the first step. It does not guarantee an automatic refund. What happens next depends on several factors:
- Acceptance of the claim - the trustee verifies the claim and decides whether it is justified
- Size of the insolvency estate - how much of the assets can be secured and liquidated
- Order of satisfaction - creditors are paid according to category and the order in which claims were filed
- Number of creditors - the more claims are accepted, the smaller the potential amount per creditor
Realistically, you should expect the process to take many months, or even years. Cross-border insolvency proceedings are inherently complex and require coordination between the authorities of different countries. That does not mean it is worth abandoning your claim - quite the opposite, doing nothing means certainly losing any chance of compensation.
Clients should also consider whether they may have additional claims for damages against the people managing the exchange, independent of the insolvency proceedings themselves. The findings of the Polish investigation will be of key importance here.
Need legal help? Contact us
The situation of zondacrypto clients is complicated and requires simultaneous action in two jurisdictions - Polish and Estonian. Preparing a claim yourself, assembling the documentation and keeping track of deadlines can be a challenge, particularly where foreign law is involved.
If you are a client of the insolvent zondacrypto exchange and want to pursue your claims effectively, do not delay - contact our firm. We will help you file your claim correctly with the trustee in Estonia, prepare complete documentation and protect your interests in both the insolvency and criminal proceedings. Time is working against you - the deadline of 27 October 2026 is relentlessly approaching.
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