Although this was to be expected, it is still very bad news for Bit4You customers. An Estonian court has officially confirmed the CoinLoan company’s bankruptcy, which was already announced in jest a few weeks prior.
With reference to the bankruptcy of the company Celsius Network, the Estonian cryptocurrency exchange platform CoinLoan, also known as “the Celsius of the Baltic,” had already been in a precarious position for a number of weeks. And it was inevitable that the company’s insolvency would be revealed. According to the newspaper L’Écho, it is now finished.
However, the effects of this bankruptcy will go far beyond Estonia’s borders. Because Bit4You, a Belgian exchange that is also in a particularly precarious situation and is currently in the hands of temporary administrators, has almost half of its assets deposited with CoinLoan.
Numerous users of the Belgian platform, therefore, appear destined to lose their crypto assets forever. These individuals, who were grouped for the most part behind the attorney Mischal Modrikamen, had already filed a lawsuit in an effort to recoup these lost funds. That seems less likely than ever right now.
Despite the efforts of the former managers Marc Toledo, José Zurstrassen, and Sacha Vandamme, it is unlikely that the Bit4You platform will find a buyer given the blocking of assets by an insolvent foreign exchange.
A trustee has been chosen to handle the bankruptcy for CoinLoan specifically. Customers who have been wronged should pay close attention to the first meeting with creditors on July 19. Master Modrikamen, who has connections in Estonia and also represents Belgian CoinLoan customers, is anticipated to attend.
The attorney had previously stated his desire to file a lawsuit against the people and institutions accountable for the predicament in the event that Bit4You went out of business in addition to suing Bit4You for five million euros in damages. Estonian platform, a plan that, if it works, could partially reimburse customers.