Estonian reports indicate Zondacrypto's insolvency may have begun in late 2022, despite continued operations and sponsorship of the Polish Olympic Committee.
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An Estonian court declared cryptocurrency exchange operator Zondacrypto bankrupt. According to Wirtualna Polska and TVN24, the company's liabilities amount to at least €431.9 million, while its disclosed assets total only €167,000.
Zondacrypto could have been insolvent as early as the end of 2022, according to findings by the Estonian trustee, cited by Wirtualna Polska and TVN24. Despite this, the exchange continued to accept money from customers for the next three years. During this time, it also became the general sponsor of the Polish Olympic Committee.