🚨 COINLOAN HAS BEEN DECLARED BANKRUPT — June 14, 2023. Harju County Court (Estonia) declared CoinLoan OÜ bankrupt on June 14, 2023. The company had a $147M shortfall (€68M assets vs €206M liabilities). 9,826 creditors are affected. Bankruptcy proceedings are ongoing. DO NOT DEPOSIT FUNDS. If you had funds on CoinLoan, consult legal resources for creditor claim submission.
CoinLoan — What Happened
CoinLoan was an Estonian crypto lending platform that offered up to 12.3% annual interest on crypto deposits and collateralized crypto-backed loans. It was the first licensed crypto lending platform in Europe under the Estonian FIU. Founded 2018, BitGo custody with $100M Lloyd’s insurance.
The 2022 crypto market collapse (Celsius, 3AC, Voyager, FTX domino effect) triggered a bank run that CoinLoan could not survive. In April 2023, CoinLoan received an Estonian Court notice restricting all transactions. On June 7, 2023, a court hearing confirmed the insolvency proceedings. On June 14, 2023, CoinLoan OÜ was officially declared bankrupt by Harju County Court. The company had €68M in assets against €206M in liabilities — a shortfall of approximately €138M ($147M).
A bankruptcy trustee took over decision-making. Legal firms began representing creditor groups to pursue asset recovery. The bankruptcy proceedings are expected to last several years. Any site claiming to represent “CoinLoan recovery” services is likely a secondary scam targeting victims.
âš¡ Bottom Line: CoinLoan is permanently closed and in bankruptcy. Creditors with claims should consult Estonian bankruptcy law specialists. Do not interact with any “CoinLoan recovery” websites — these are scams targeting bankruptcy victims. For crypto-backed lending alternatives, see YouHodler (licensed Switzerland/Italy/Spain, Ledger Vault custody).
