Zondacrypto had €432m in debt against just €167k in assets, Estonian court finds

Estonia's bankruptcy trustee found that crypto exchange Zondacrypto may have been permanently insolvent as early as late 2022. Despite this, it continued accepting client deposits for three more years and even became the main sponsor of the Polish Olympic Committee. Total assets found in insolvency proceedings amount to roughly €167,000 against nearly €432 million in debt.