Zondacrypto Creditors Launch Bankruptcy Battle in Estonia

Bankruptcy proceedings have begun in Estonia for Zondacrypto, Poland's largest digital currency exchange that collapsed earlier this year. The exchange had little money and massive debt, with almost no business in Estonia.

A meeting of creditors took place on Thursday in Tallinn to discuss the recovery of assets, which may be a difficult task given the company's financial situation. The bankruptcy trustee, Margus Lentsius, described the meeting as a significant step forward in the proceedings.

The exchange was founded in 2014 and had over 30,000 clients who lost at least $95 million when it collapsed. Estimates suggest that the total value of claims may exceed €700 million ($800 million).