Zondacrypto bankruptcy: how to file a creditor claim and seek recovery in Estonia
BB Trade Estonia OÜ, the Estonian company that operated the Zondacrypto cryptocurrency exchange, has been declared bankrupt. Creditors who held fiat funds or crypto-assets on the platform should now assess their claims and submit the required evidence before the applicable deadline.
If you have funds frozen on Zondacrypto, Hedman Law Firm can assess your position, prepare your creditor claim and represent you in the Estonian bankruptcy proceedings.
Updated 1 September 2026
Claims arising before the declaration of bankruptcy generally must be submitted to the bankruptcy trustee within two months after publication of the bankruptcy notice.
Key information for Zondacrypto creditors
| Key fact | Details |
|---|---|
| Company | BB Trade Estonia OÜ |
| Registry code | 14814864 |
| Brand | Zondacrypto, also searched as Zonda Crypto |
| Court proceeding | Harju County Court, civil matter No. 2-26-14436 |
| Bankruptcy declared | 27 August 2026 |
| Current claim deadline | 27 October 2026 |
| Hedman lead contact | Kaire Sepper |
The official Estonian e-Business Register records BB Trade Estonia OÜ as being in bankruptcy.
The scale of the proceeding is substantial. The bankruptcy trustee has indicated that the total value of creditor claims may approach €700 million. The number of affected customers and the final recognised claim total will only become clear once claims have been submitted and reviewed.
Before the bankruptcy proceedings began, the Estonian Financial Intelligence Unit revoked the company’s virtual currency service provider licence on 29 June 2026 because it had failed to comply with a supervisory precept. The FIU has explained that its supervision did not cover the existence, liquidity or safekeeping of customer assets. The bankruptcy proceedings will therefore be central to identifying the available assets and determining creditors’ rights.
What should Zondacrypto creditors do now?
Creditors should take four practical steps.
Preserve evidence of your claim
Download and retain all available records, including:
- account statements and balance information
- transaction and trading history
- screenshots or exports showing the assets held on the platform
Determine the correct legal basis for your claim
A balance displayed in a cryptocurrency account does not by itself determine the customer’s legal position.
Depending on the contractual and custody arrangements, the customer may have:
- a monetary claim against BB Trade Estonia OÜ
- a potential right to request that identifiable assets be returned or excluded from the bankruptcy estate
Submit a properly documented creditor claim
Under Estonian bankruptcy rules, claims arising before the declaration of bankruptcy generally must be submitted to the bankruptcy trustee within two months after publication of the bankruptcy notice.
A creditor claim should clearly identify:
- the creditor
- the amount and legal basis of the claim
- when the claim arose
- the relevant fiat currency or crypto-assets
- the evidence supporting the claim
- any security, ownership or priority rights being asserted
Follow the recognition of the claim
Submitting a claim is not necessarily the end of the process. The trustee, the debtor or other creditors may object to its basis, value or ranking.
Creditors may therefore need to:
- respond to objections
- provide additional evidence
- clarify how crypto-assets were valued
- defend an ownership or exclusion request
- participate in creditor decisions
- monitor asset recovery and distribution
Can foreign Zondacrypto creditors file claims in Estonia?
Yes. Foreign creditors can participate in Estonian bankruptcy proceedings, including creditors residing elsewhere in the European Union.
A creditor normally does not need to travel to Estonia when represented by local counsel. An Estonian attorney can prepare and submit the claim, communicate with the bankruptcy trustee and represent the creditor if the claim is challenged.
Hedman’s experience in cryptocurrency bankruptcy proceedings
Hedman’s clients recovered more than €3.5 million from the CoinLoan bankruptcy estate. Further distributions may increase the amount recovered.
Hedman previously represented clients in the bankruptcy of Estonian crypto-lending platform CoinLoan OÜ. The same multidisciplinary experience is relevant to Zondacrypto creditors.
The work included:
- preparing creditor claims
- preparing applications for the exclusion of assets from the bankruptcy estate
- responding to objections
- communicating continuously with the bankruptcy trustee
- protecting clients’ interests throughout the proceedings
Key contact for Zondacrypto creditor matters. Kaire focuses on dispute resolution and enforcement proceedings and was part of the Hedman team representing creditors in the CoinLoan bankruptcy.
Advises on crypto-based business models, digital assets and the commercial structure of technology services.
Advises on dispute resolution and contentious proceedings, including claims involving crypto-assets.
This combination allows Hedman to examine both sides of the matter: the Estonian bankruptcy procedure and the underlying legal and technical structure of the crypto-assets involved.
How Hedman can assist Zondacrypto creditors
We can assist with:
- 01assessing whether you have a claim against BB Trade Estonia OÜ
- 02reviewing account, transaction and wallet evidence
- 03determining the appropriate legal basis and value of the claim
- 04preparing and submitting the creditor claim
- 05assessing whether an ownership or asset-exclusion request may be available
- 06responding to objections and representing you in claim disputes
- 07communicating with the bankruptcy trustee
- 08coordinating claims and representation for groups of creditors
- 09advising on cross-border recovery and enforcement issues
Frequently asked questions about the Zondacrypto bankruptcy
Not covered here? A short call with Kaire Sepper is the fastest way to a straight answer.
Assess my claim →Yes. BB Trade Estonia OÜ, the company that operated Zondacrypto, has been declared bankrupt in Estonia.
The current deadline is 27 October 2026. Creditors should begin preparing their claims well before the deadline so that missing evidence or legal questions can be addressed.
A creditor may be able to recover part of their claim through the bankruptcy estate. In some cases, it may also be appropriate to assess whether identifiable crypto-assets can be returned or excluded from the estate. Recovery depends on the available assets, evidence and legal character of the claim. No particular recovery amount can be guaranteed.
Foreign creditors are not necessarily required to retain an Estonian lawyer. However, local legal assistance can be valuable where the claim involves significant assets, crypto ownership questions, missing documentation, objections or cross-border issues.
Normally not. If Hedman represents you, we can submit documents and communicate with the trustee on your behalf.
Preserve account statements, transaction history, wallet information, withdrawal requests, correspondence, screenshots and the terms of service applicable to your account.
Have a claim against Zondacrypto?
Contact Kaire Sepper to assess your options and discuss joining Hedman’s coordinated representation of Zondacrypto creditors.
For an efficient initial assessment, include your country of residence, the approximate value of your claim, the types of assets involved and what supporting records you have available.
Kaire Sepper
Enquiries are treated confidentially. We will confirm whether we can act for you before any work begins.
This page provides general information about the bankruptcy of BB Trade Estonia OÜ and is not legal advice. Deadlines and procedural details may change during the proceedings. Each creditor’s position must be assessed individually.
