Zondacrypto creditors have two months to file claims. What are their chances?

Customers who lost money through the failed Zondacrypto cryptocurrency exchange have two months to file claims in Estonia, and lawyers warn them not to delay. Claims submitted after the deadline may still be accepted, but they would move to the final repayment priority.

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We are constantly analyzing how to optimize the chance of recovering these funds.

The first creditors’ meeting of BB Trade Estonia OÜ, the Estonian company that operated under the Zondacrypto brand, is scheduled for Sept. 17. Creditors will elect a committee of three to seven members, and affected customers want their own representative because the committee will have significant powers in relation to the insolvency administrator, Estonian lawyer Margus Lentsius.

Damian Przybyłowski, a lawyer representing affected Zondacrypto customers, said the route to recovering the money could be long and the outcome uncertain. “We are constantly analyzing how to optimize the chance of recovering these funds,” he said. He added that it remained unclear how much of the secured assets could benefit customers.

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We have people who have 2, 5 or 10 thousand zloty, where investing was an addition. There are also those who filed claims reaching about 500 thousand zloty. The largest group, however, has losses between several tens of thousands and 250 thousand zloty.

Losses vary widely among his roughly 370 clients. Some have claims of 2,000, 5,000 or 10,000 złoty, while others seek about 500,000 złoty. The largest group reported losses ranging from several tens of thousands to 250,000 złoty.

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In conversations with affected people, the question is not how this happened or whether the state acted properly. The question is: how do I recover these funds?

Przybyłowski also criticized the way customers were warned about cryptocurrency investment risks, saying the notices mainly used standard slogans about investor risk and the possibility of losing money, without detailed analysis. He said representatives were waiting for guidance from the administrator on how to state claims in euros and convert cryptocurrency holdings. They also want the administrator to receive a copy of a large database secured by Polish prosecutors, which they believe could help verify claims and ease the administrator’s work.

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We will request that the administrator receive a copy of this database, because we assume it will contain confirmation of these claims.