--- title: "How did BB Trade Estonia end up in bankruptcy in 2026?" language: en canonical: https://dossiertwist.com/dossiers/bb-trade-estonia-ou/collapse/ as_of: 2026-10-19 keywords: ["BB Trade Estonia OÜ","Pinewood Estonia OÜ","zondacrypto","Zonda Global","BitBay","Divisio Holding AG","Przemysław Kral","Sylwester Suszek","BB Trade Switzerland AG","Orion Software","AdmiTrade OÜ","virtual currency licence FVT000209","Estonian Financial Intelligence Unit","Harju County Court bankruptcy","Prokuratura Krajowa","TryPay","AMINA Bank","client funds","crypto-asset custody","MiCA"] --- # How did BB Trade Estonia end up in bankruptcy in 2026? **Question.** What happened to BB Trade Estonia OÜ between April and October 2026, and what is known about its bankruptcy estate? **Answer.** In April 2026 problems with withdrawals on the exchange led to a Polish criminal investigation, the resignation of BB Trade Estonia's supervisory board and the end of its main Polish payment-services agreement; the Estonian Financial Intelligence Unit revoked its licence on 29 June. Harju County Court in Tallinn declared the company bankrupt on 26 August 2026 with Margus Lentsius as trustee, and reported figures put the cash he could confirm at about EUR 167,000 against liabilities of EUR 432 million. ## April to June 2026: the exchange stops and the licence ends - Analysis: On 17 April 2026 the Regional Prosecutor's Office in Katowice opened an investigation concerning the Zondacrypto exchange on the basis of victims' complaints and media reports about withdrawal problems; the release names the brand rather than the operating company and, as an investigation opened "in the case", does not itself name suspects or establish an offence (see the investigations page). On 20 April the three members of BB Trade Estonia's supervisory board, Veronika Tugo, Guido Bühler and Georgi Džaniašvili, published a statement that each had resigned that week: they said they had learned of the situation only from public sources after it escalated in the Polish media and that, with ownership and executive management concentrated in one individual whom they did not name, the trust needed for oversight had been undermined. They added that their earlier decisions were made in good faith on the information then available, and register publications record board members and the chair leaving on 15 and 17 April. The same day the Polish payment institution TryPay S.A. terminated its payment-services agreement with "BB Trade Estonia EU" with immediate effect after a negative risk assessment, its parent Femion Technology announced. [src-065] [src-044] [src-025] [src-104] [src-031] - Analysis: Claims against the brand surfaced quickly. On 2 April 2026 a Polish debt-collection agency's website advertised a PLN 173,000 debt owed by "ZONDACRYPTO", identified as BB Trade Estonia OÜ and its Milan branch BB Trade IT; the listing names no creditor and cites no judgment. The brand also carried large marketing commitments: according to a law firm acting for claimants, citing the contracts, its agreements with Juventus F.C. (signed by Kral in January 2024, to run until 30 June 2026) and with RKS Raków Częstochowa amounted to about EUR 4.6 million, although the retained passage names the brand rather than the contracting legal entity and the contracts were not retained. In April 2026 Raków's spokesman said the club had started terminating its sponsorship agreement, which had two more years to run. An Estonian business daily wrote on 22 April 2026 that Zondacrypto was FC Flora's main sponsor under a contract to the end of 2028, under a headline saying that 30,000 clients had lost more than EUR 80 million; only the caption and headline are retained, not the article, the contract or the basis of the figure. [src-115] [src-083] [src-025] [src-122] - Analysis: The Estonian Financial Intelligence Unit (FIU) partially suspended the company's virtual-currency licence on 18 May and revoked it on 29 June 2026, stating that BB Trade Estonia had not responded to or complied with its precept; no reply, statement or appeal by the company is in the retained record (details on the licences page). The FIU added that it has no mandate for prudential supervision, including the safekeeping and protection of clients' assets. [src-030] ## The bankruptcy proceedings in Tallinn - Analysis: Bankruptcy proceedings against the company began before Harju County Court on 2 July 2026. According to a Polish news report, on 27 July the court barred the company from disposing of its assets without the consent of the interim administrator, Margus Lentsius; the interim order itself is not retained, but the register shows the notice of the disposal ban published on 28 July. The court issued its bankruptcy ruling (pankrotimäärus) on 26 August 2026 in civil case 2-26-14436/10; only the ruling's metadata, not its text, is in the retained record. The declaration was published in the official gazette Ametlikud Teadaanded on 27 August under notice 2641740. The register also lists notices of service in labour-dispute committee proceedings in June and July 2026, whose parties, number and subject are not shown. [src-024] [src-108] [src-001] [src-067] - Analysis: The e-Business Register lists Margus Lentsius as trustee in bankruptcy from 28 August 2026, administering the estate; the register of the Estonian Chamber of Bailiffs and Bankruptcy Trustees lists him, of Advokaadibüroo Lentsius & CASUS OÜ, as entitled to act as a trustee since 15 October 2025. Polish press reported that the court set the first creditors' meeting for 17 September 2026 and gave creditors until 27 October 2026 to file claims. It also reported that the Magnusson law office had represented a client from Vienna on whose petition the court declared the exchange bankrupt; the petition is not retained and the client is not named. [src-019] [src-001] [src-108] [src-089] - Analysis: By 19 October 2026 the register showed a tax debt of EUR 1,997.12 outstanding since 20 April 2026, unfiled VAT, income and social tax returns due from May 2026, an unfiled 2025 annual report, and no taxable turnover or employees reported for the third quarter of 2026. [src-001] ## Creditors, the committee and claims - Analysis: According to Polish press, the first meeting of creditors on 17 September 2026 at Harju County Court kept Lentsius as trustee and unanimously elected a three-member creditors' committee: Damian Przybyłowski of Krajowe Centrum Obsługi Długów, Marek Keiman of the Estonian Magnusson law office and Robert Nogacki, a Warsaw legal adviser nominated by an Estonian advocate. The minutes are not retained, but register data list the same three as members of the bankruptcy committee (pankrotitoimkond) from 1 October 2026. The Estonian Bar Association lists Keiman as a sworn advocate at Advokaadibüroo Magnusson and a partner of the firm, and as a member of the creditors' committees of other Estonian companies, including CoinLoan, Envestio SI and Kuetzal. [src-089] [src-024] [src-042] [src-078] - Analysis: An Estonian business daily reported on 17 September that more than 2,000 people had come forward in the bankruptcy, showing Keiman, who represents claims of EUR 2 million, with Polish lawyers representing EUR 2.3 million; only the headline and caption are retained. In Poland, Krajowe Centrum Obsługi Długów (KCOD), led by licensed restructuring adviser Damian Przybyłowski, invites the exchange's clients to file claims for a fee, which a Polish news report notes gives it a commercial interest; KCOD's own estimate of the potential asset pool, PLN 550–600 million, is the representative's estimate, not assets found or secured by the trustee. KCOD also files, for each client, an application to exclude crypto-assets from the estate and return them in kind as third-party property; Przybyłowski argues that cryptocurrency on a user's account belonged to the client, while the outcome depends on whether specific assets can be identified and attributed. No court or trustee decision on these applications is in the retained record. [src-122] [src-043] [src-108] ## What the estate contains - Analysis: Figures reported around the first creditors' meeting measure different things. A Polish news report said the trustee had EUR 167,000 to distribute against liabilities of EUR 432 million and that claims filed by 17 September amounted to EUR 20–30 million; a law firm acting for a group of claimants gave the same EUR 167,000 and EUR 432 million, citing an Estonian report and the interim trustee's report, and said just under 2,000 creditors had filed; in late August another Polish report quoted the trustee as saying total claims could exceed EUR 700 million. These are book liabilities, claims filed by a date and the trustee's projection, reported by the press and claimants' counsel; the trustee's reports are not in the retained record. [src-089] [src-075] [src-108] [src-043] - Analysis: Citing the trustee's findings, the same law firm states that on the day of the freeze the operator's balance sheet showed EUR 476 million of assets, of which the trustee could confirm only EUR 167,000 of cash on accounts abroad, the rest being book entries without source documents; that EUR 429 million of liabilities to customers were booked on aggregate accounts without a breakdown by customer; that 77% of the assets in the 2024 statements was one bitcoin address holding 4,503 coins, to which the chief executive, Przemysław Kral, says there is no key although he had stated in a notarised statement in June 2025 that access existed; and that the company had thirteen employees and its bookkeeping ended on 22 April 2026. The trustee's report and the June 2025 statement are not in the retained record; the wallet is described on the cold-wallet page. [src-075] [src-108] - Analysis: Separately, Roman Giertych, who said on 25 August 2026 that he had been Kral's defence counsel since May, stated that his client had placed "huge assets" at the prosecutors' disposal, in his view enough to satisfy all injured persons who had reported; two days later Justice Minister Waldemar Żurek said prosecutors had secured more than PLN 100 million towards future compensation. A Polish news report notes that it is not known whether the two statements concern the same assets, what was secured, to whom it belongs or how it relates to the Estonian bankruptcy, and the National Prosecutor's Office gave no details, citing investigative secrecy. [src-108] ## Sources - [src-065] Śledztwo w sprawie Zondacrypto (investigation concerning Zondacrypto), Prokuratura Regionalna w Katowicach (Regional Prosecutor's Office in Katowice), 2026-04-17 - [src-044] Other source · src-044 - [src-025] Media source · src-025 - [src-104] Corporate registry source · src-104 - [src-031] Company statement source · src-031 - [src-115] Other source · src-115 - [src-083] Other source · src-083 - [src-122] Media source · src-122 - [src-030] The Financial Intelligence Unit revokes the operating licence of virtual currency service provider BB Trade Estonia OÜ (Zondacrypto), Rahapesu Andmebüroo (Estonian Financial Intelligence Unit), 2026-06-29 - [src-024] Corporate registry source · src-024 - [src-108] Media source · src-108 - [src-001] e-Business Register company card: BB Trade Estonia OÜ (registry code 14814864), Centre of Registers and Information Systems (RIK), Estonian e-Business Register, 2026-10-19 - [src-067] Corporate registry source · src-067 - [src-019] Register of trustees in bankruptcy: Margus Lentsius, Estonian Chamber of Bailiffs and Trustees in Bankruptcy - [src-089] Media source · src-089 - [src-042] Corporate registry source · src-042 - [src-078] Register of advocates: Marek Keiman, Estonian Bar Association (Eesti Advokatuur) - [src-043] Company statement source · src-043 - [src-075] Other source · src-075