Following the collapse of CoinLoan and its subsequent bankruptcy proceedings, creditors have now begun to recover their funds, a significant milestone in the complex world of cross-border crypto insolvency cases. CoinLoan, an Estonia-based cryptocurrency platform, filed for bankruptcy in 2023, marking Estonia’s first case involving a digital asset service provider. With over 12,000 international creditors and claims totaling more than 200 MEUR, the proceedings required innovative adaptations to accommodate blockchain-based assets within a framework originally designed for traditional financial institutions.
At NJORD Law Firm, we have been at the forefront of protecting creditor interests. Our litigator, Grete Savila, was elected to the official six-member creditors’ committee tasked with overseeing the administration of the bankruptcy estate and ensuring transparency throughout the recovery process. Grete and our team have contributed to what is becoming one of Estonia’s most effective and creditor-oriented bankruptcy resolutions. The CoinLoan case stands out not only for its scale but also for its pace and structure; the prompt commencement of fund distribution sets a rare and encouraging precedent in crypto insolvencies.
We understand that dealing with digital asset legal challenges can be demanding. At NJORD, we are committed to guiding you through these complexities with confidence and expertise. Whether you need legal assistance with crypto-related matters such as insolvency, regulatory compliance, or asset recovery, our team, led by practitioners with first-hand experience in landmark cases, is ready to support you every step of the way.
