April

Based

Union

BitBay

<p style="text-align: justify">Creditors of Zondacrypto, previously the largest cryptocurrency exchange in Poland, have convened in Estonia to begin bankruptcy proceedings and attempt to recover remaining assets following the platform’s collapse earlier this year.</p>
<h2 id="initial-meeting-in-tallinn-sets-recovery-process-in-motion">Initial meeting in Tallinn sets recovery process in motion</h2>
<p style="text-align: justify">The first official gathering of Zondacrypto creditors and legal representatives took place in Estonia’s capital, Tallinn, where BB Trade Estonia OÜ, the platform’s operating entity, is registered. Despite Zondacrypto being focused mainly on Polish clients, bankruptcy laws require proceedings to occur in the country where the company is incorporated.</p>
<p style="text-align: justify">Margus Lentsius, the bankruptcy trustee assigned to oversee the process, stated that the shareholders confirmed his role and appointed a creditors’ committee. This committee will work closely with Estonian authorities throughout the proceedings.</p>
<p style="text-align: justify">Lentsius indicated that communication between Estonia and Poland will be crucial, given the widespread location of the affected users. He noted that just under 2,000 creditors have submitted claims so far, a number expected to rise in the coming weeks.</p>
<blockquote>
 <p>“So far, just under 2,000 creditors have filed claims, although that number will certainly rise.”</p>
</blockquote>
<h2 id="zondacrypto-s-collapse-disrupts-poland-s-crypto-sector">Zondacrypto’s collapse disrupts Poland’s crypto sector</h2>
<p style="text-align: justify">Zondacrypto was originally established as BitBay in Katowice, Poland, in 2014. After relocating its offices first to Malta and then Estonia, the exchange continued to serve mostly Polish clients, even while facing growing regulatory pressures. The company ended up on a warning list issued by Poland’s financial watchdog in 2018.</p>
<p style="text-align: justify">Earlier this year, Zondacrypto experienced severe liquidity issues that prevented thousands of customers from accessing their accounts or withdrawing funds. Official estimates suggest the collapse may have impacted over 30,000 Polish clients, resulting in losses of at least $95 million.</p>
<p style="text-align: justify">Authorities have arrested several individuals as investigations proceed. The exchange’s most recent CEO, Przemysław Kral, disappeared in April after initially denying any solvency concerns, but he has since reportedly agreed to cooperate with law enforcement.</p>
<p style="text-align: justify">Kral has accused BitBay founder Sylwester Suszek of retaining control over a critical wallet containing 4,500 BTC. Suszek is said to have gone missing after the leadership transition in 2021.</p>
<p style="text-align: justify;background: linear-gradient(135deg,#ffffff 0%,#fffdf9 100%);border:1px solid #f1e4d8;border-left:4px solid #F69434;padding:14px 16px;border-radius:12px;color:#1e293b;font-size:15px;line-height:1.7">Mini dictionary: BB Trade Estonia OÜ, the Estonian-registered company that operated Zondacrypto, is the legal entity against which creditors are filing bankruptcy claims.</p>
<h2 id="assets-debt-and-international-legal-efforts">Assets, debt, and international legal efforts</h2>
<p style="text-align: justify">BB Trade Estonia OÜ, which operated Zondacrypto, now faces debts of €432 million while having only around €167,000 in assets.</p>
<table style="border:1px solid #f1e4d8;padding:8px">
 <thead>
  <tr>
   <th>Company/Entity</th>
   <th>Debt</th>
   <th>Assets</th>
  </tr>
 </thead>
 <tbody>
  <tr>
   <td>BB Trade Estonia OÜ</td>
   <td>€432 million</td>
   <td>€167,000</td>
  </tr>
 </tbody>
</table>
<p style="text-align: justify">In August, Poland’s Minister of Justice and Prosecutor General Waldemar Żurek announced that authorities had secured more than 100 million złoty (about $26 million) to cover potential claims. French authorities additionally seized €4 million ($4.5 million) and have taken control of real estate assets in France and Switzerland.</p>
<p style="text-align: justify">Although Zondacrypto had limited business in Estonia, European Union rules stipulate that bankruptcy proceedings continue in the country where the first creditor petition was filed—in this case, when an Austrian creditor started the process in Estonia.</p>
<p style="text-align: justify">Estonian regulators suspended BB Trade’s license to operate Zondacrypto in May, adding another layer of complexity to the recovery efforts.</p>
<h2 id="rising-number-of-claims-and-compensation-prospects">Rising number of claims and compensation prospects</h2>
<p style="text-align: justify">Creditors have until October 27 to submit their claims to the trustee. Only those who do so will be eligible for any potential recovery. Damian Przybyłowski, a lawyer representing close to 500 clients, estimated that the average claim is around 250,000 złoty, or over $65,000.</p>
<p style="text-align: justify">Based on calculations from financial media outlet Money.pl, the total value of creditor claims could surpass €700 million (over $800 million), greatly exceeding earlier estimates.</p>
<p>The post <a href="https://en.coin-turk.com/zondacrypto-creditors-file-over-e700-million-in-claims-after-collapse/" rel="noopener noreferrer nofollow">Zondacrypto creditors file over €700 million in claims after collapse</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Zondacrypto creditors file over €700 million in claims after collapse

Table of Contents

COINTURK NEWS

Other articles published on Sep 18, 2026

Join our free newsletter for daily crypto updates!