Zondacrypto recovery: Estonian legal assistance for affected users

Laus & Partners is preparing a class action in order to help zondacrypto users with claim preparation, Estonian bankruptcy proceedings and group-based recovery strategy.

Executive summary

zondacrypto is operated by BB Trade Estonia OÜ, an Estonian company with registry code 14814864. According to information available to us, zondacrypto's terms and conditions, Estonian law applies to customer contracts. If BB Trade Estonia OÜ becomes insolvent and the bankruptcy is declared, the proceedings would likely take place in Estonia under Estonian bankruptcy law.

Laus & Partners is an Estonian law firm specializing in civil litigation, bankruptcy proceedings and cryptocurrency-related recoveries. We are currently representing several hundred creditors with an aggregate claim amount of tens of millions of euros in the bankruptcy proceedings of CoinLoan, an Estonian crypto lending platform. We are a member of ADVOC, a global network of more than 90 independent law firms with offices in more than 70 countries. This gives us access to trusted foreign counsel where international assistance is required.

In Estonia bankruptcy proceedings are opened, creditors will need to submit their claims in the required form and within the applicable deadlines. A missed deadline might render the claim worthless.

How we can assist

Laus & Partners can assist affected users with:

• assessing potential claims against BB Trade Estonia OÜ;
• reviewing account records, transaction history and withdrawal-related evidence;
• preparing and submitting creditor claims in Estonian bankruptcy proceedings;
• representing creditors in claim recognition disputes;
• coordinating creditors on a group basis;
• communicating with the bankruptcy trustee, court or other relevant parties in Estonia;
• assessing recovery strategy, including cross-border steps where needed.

Fee structure

We understand that many affected users may not wish to incur substantial hourly legal fees, especially before recovery prospects are clear. For this reason, we are ready to consider a group-based fee model consisting of:

• a small fixed retainer fee, to cover initial coordination and claim preparation; and
• a success fee, payable upon recovery.

The precise fee structure will depend on the number of participating creditors, the size of the claims and the procedural steps required. This information will be available shortly.

Contact us

Affected zondacrypto users who wish to assess their recovery options under Estonian law may contact Laus & Partners for an initial review. Contacting us for an initial review is free and does not create an obligation to proceed with legal representation.

The zondacrypto recovery work will be led by attorney-at-law Viktor Särgava. He can be contacted at viktor@lauspartners.ee