Reorganization Hub: status and information
This page is the official source of information on the Coinmetro reorganization process. It is updated weekly and whenever the status changes. Last updated: September 11, 2026
The appeal was filed with the Estonian court on Tuesday, September 8.
An appeal asks a higher court to look again at the decision made on August 24. It isn't a second attempt at the original application. We don't know how long it will take and we're not going to guess. When there's a decision, it will be here.
Work on the reorganization plan is carrying on in the meantime, rather than waiting on the court.
We held a live session on Thursday. Kevin was joined by Aaron Malone, a Coinmetro shareholder and creditor, and by Urmas Ustav, the Estonian attorney advising us on the reorganization.
Three things from it worth repeating: Coinmetro's next chapter is as a technology company rather than an exchange: the technology built over nine years is where the value sits, and licensing it out is what generates the revenue to repay creditors. Every creditor is treated the same, with no classes and no separate deals. And the plan itself gets written by an independent adviser, not by us.
The recording is on our YouTube channel: youtube.com/watch?v=VJ85RbJzwwE
Registration for the smaller group calls closes on Friday, September 18. Anyone with a Coinmetro account can join. There's no list, no criteria and no minimum balance: coinmetro.com/creditor-session
Platform status is unchanged: deposits, withdrawals, trading and onboarding are still paused, and balances are still frozen. Nothing about your balance has changed, and no funds have been released or removed.
No action is required from you at this stage. If anything is required, we will tell you clearly, explain how to do it, and give you the deadline.
Next update: Friday, September 18.
Next live session: TBA
This section is addressing recurring questions concerning Coinmetro's current situation. Submissions received through the Feedback Form are reviewed and grouped by theme, and recurring questions are answered here. Where a submission needs an individual response, we work through those directly. No submission is quoted or attributed on this page.
The section is updated weekly, with entries added as themes emerge from the submissions received.
Questions can be submitted through the Feedback Form.
Your account
1. What can I do in my account at the moment?
You can log in and view your balances and account information. Deposits, withdrawals, trading and new customer onboarding remain paused. Balances have been frozen since June 22, 2026.
2. Is my balance still recorded?
Yes. Balances were recorded as at June 22, 2026 when the pause took effect, and those records are preserved.
3. Will my balances stay in crypto, or will they be converted to a fiat value?
Your account records preserve the original assets and units. A balance of one BTC is recorded as one BTC. The legal basis on which claims are valued, including the date and the denomination used, will be determined through the reorganization process. That has not been decided, and the value shown in your account today is not necessarily the final figure.
4. My balance looks wrong, or I cannot see the quantity of each asset I hold.
Please report it through the feedback form. Include the email address registered to your account and the details of the discrepancy. Every report is reviewed.
5. What happens to a withdrawal that was pending, or a deposit that left my bank but was never credited?
Transactions of this type are being reviewed. If you have not already reported yours, please do so through the feedback form and include any transaction reference you have. The process for handling them will be published on this page once it is confirmed.
6. Something arrived in my account after June 22. What happens to it?
Anything that's arrived since services were suspended is returned in full, one for one. It's separate from your recorded balance and isn't part of the reorganization. Email hello@coinmetro.com with what it was and roughly when it arrived, and we'll send it back.
The court's decision
7. What did the court decide on August 24?
The Estonian court declined our application to open reorganization proceedings, on the basis that Coinmetro's circumstances did not meet the definition of reorganization under Estonian law. We have appealed.
8. Was the reorganization plan rejected?
No. No plan has been submitted to the court, because no plan has yet been produced. What was before the court was an application to open the process. The decision was about whether the company's circumstances fit the statutory definition, not about the merits of any proposal.
9. Does this mean Coinmetro is bankrupt?
No. The decision does not place Coinmetro into bankruptcy or liquidation.
10. What is an appeal, and how long will it take?
An appeal asks a higher court to look again at the decision. It's a normal part of the process. Ours was filed on September 8, 2026. We don't know how long it will take and we're not going to guess. When there's a decision, it will be here.
11. Does the decision change my balance, or what I am owed?
No. Your account records are unchanged and remain preserved as at June 22, 2026. No funds have been released or removed as a result of the decision.
12. What happens if the appeal is not successful?
The work of preparing a plan and putting it to creditors continues either way. A court-supervised process is our preferred route, because it provides independent oversight, and that is why we are appealing. If it is not available, we would put the same proposals to creditors directly, and would want independent oversight of that process as well. We are not going to speculate on outcomes. An appeal also isn't necessarily the last stage. If it doesn't succeed, there's a further route to the Supreme Court.
Creditor sessions
13. Can I speak to someone directly about this?
Yes. We are running smaller group sessions where you can ask questions directly. Registration is open to any customer, with no criteria and no minimum balance. https://coinmetro.com/creditor-session
14. What are the creditor sessions?
Small group video calls with Kevin Murcko, where you can ask questions directly and say what you think about how this has been handled. They are not presentations. They are small enough that there is room to speak rather than type.
15. Who can attend?
Any customer. There is no list, no criteria, and no minimum balance. We know the assumption will be that these are for the largest holders. They are not.
16. Does registering affect my claim?
No. Registering does not change how your claim is treated, and choosing not to register does not disadvantage you or affect anything you are entitled to.
17. I have registered. When will I hear back?
Everyone who registers will be contacted with a date and a time. If we cannot fit you into the session you would have preferred, we will tell you that rather than leave you waiting.
18. Are the sessions recorded?
Yes. You are told before you register, and again at the start of the session. You can attend without turning on your camera or microphone, and listening without saying anything is a perfectly normal way to attend.
19. What if I cannot attend, or registration has closed?
The larger live sessions continue and are open to everyone, with recordings published afterwards. The feedback form stays open, and you can reply directly to any email we send. If there is enough demand, we will run more sessions.
The process
20. What is a reorganization?
Reorganization is a formal process supervised by a court. It gives a company a structured framework, under supervision, to work through its obligations rather than closing and selling its assets immediately.
21. Why am I being called a creditor?
Creditor is the legal term used in a reorganization for anyone the company owes money or assets to. It is standard terminology in this kind of process and it does not change what you held or reduce what you are owed.
22. Do I need to do anything right now?
You do not need to take any action at this stage. If anything is required from you, we will tell you clearly, explain how to do it, and give you the deadline.
Staying informed
23. Where does official information come from?
This page is the official record. It is updated every Friday, and sooner if the position changes. Announcements are sometimes made first in a live session or by email, and everything of substance is then recorded here. If you see something attributed to Coinmetro that does not appear on this page or in one of our own communications, treat it as unconfirmed.
24. I never received any email about this. Why?
Emails have been sent to registered customers. If you did not receive one, check your spam or junk folder, and add hello@coinmetro.com to your contacts. That is the address our emails come from. You can also follow updates on this page without relying on email.
25. I have an issue I would like to raise. Where is the best place to send it?
Please use our feedback form: https://coinmetro.com/feedback Include the email address registered to your account, and any relevant details or transaction references, as it helps us identify your account and understand the issue. Every submission is read. Recurring questions are answered on this page and updated weekly, and where a submission needs an individual response we are working through those.
Security
26. Is anyone impersonating Coinmetro?
Yes. There are accounts on Telegram presenting themselves as Coinmetro support, and at least one website using the Coinmetro name that is not ours. Coinmetro will never ask you for your password, your private keys, a payment, or a wallet signature. Any message requesting these did not come from Coinmetro. We will never ask you to submit identity documents or vote on anything through a link in an email or a message. Where we do ask you to do something, such as registering for a creditor session, it will be published on this page first, and the link will always be on coinmetro.com. If a request does not appear here, do not act on it.
27. What should I do if I think my account has been compromised?
Report it immediately through the feedback form, with your registered email address and anything you have noticed, including any change of email address you did not make. Mark it urgent. Balances are frozen, so no funds can be moved out of your account, but we treat any suspected compromise as a priority and every report is investigated.
The plan, and what happens next
28. Are some creditors treated better than others?
No. Larger balances don't go first, there are no classes of creditor, and there are no separate deals with individuals. Whatever plan is put forward applies to everyone on the same terms. That isn't a policy we've chosen. It's how the process works, and the court supervises it.
29. What happens if someone files for bankruptcy?
In practice, a bankruptcy petition won't be dealt with ahead of a reorganization application, so it wouldn't be heard before the reorganization has run its course. Which means that before any petition is heard, you'll have seen the plan, including its independently prepared comparison of what creditors would get under each route. We're not asking anyone not to file. We're saying the information you'd want first is on its way.
30. What will the reorganization plan contain, and when will I see it?
It's written by an independent reorganization adviser, not by Coinmetro. It has to set out how much each creditor would get and how much would be paid in total, and compare that against what they'd get if the company were wound up instead. If the reorganisation is approved, the plan has to be submitted within 60 days, and creditors get at least two weeks to vote.
31. Will Coinmetro operate as an exchange again?
Not as an exchange, no. Coinmetro isn't licensed to run one and isn't trying to reopen as one. Its next chapter is as a technology company. The technology built over nine years gets licensed out, and a share of the revenue that generates is used to repay creditors.
A plain-language guide. A reorganization brings with it a lot of legal and financial language, and most people have no reason to have encountered any of it before. This page explains the words and ideas you are likely to run into, whether on this page, in an email, in the community, or in something another customer has written.
Nothing here is legal advice, and nothing here is specific to your account. It is here so that when you read something about this process, you know what it means.
The legal process
Reorganization
A formal process for a company that cannot currently meet its obligations, but may be able to if it is given time and a structure to work within. It is carried out under supervision, and the aim is to keep the business operating and pay creditors over time.
Insolvency
A financial state, not an event. A company is insolvent when it cannot pay what it owes as it falls due, or when it owes more than it holds. It does not by itself mean a company is closing.
Bankruptcy
A formal process in which a company stops operating, its assets are sold, and the proceeds are shared among creditors in an order set by law. It is a different process from a reorganization, with a different purpose.
Liquidation
Turning assets into cash and distributing the proceeds. In conversation people often use it interchangeably with bankruptcy. They are related but not the same thing: liquidation describes what is done with the assets, bankruptcy describes the legal process it happens inside.
Realizing an asset
Turning something a company holds into money by selling it. The word is worth knowing because what an asset is recorded as being worth and what it actually realizes on the day it is sold are two different numbers. In a formal process the sale happens when the procedure requires it, not when the price happens to be good.
Costs of the process
Every insolvency process costs money to run. A trustee or an advisor, legal work, valuations and administration all have to be paid, and they are paid out of what is collected before creditors receive anything. It is a normal feature of processes of this kind rather than a sign that something has gone wrong.
Distribution
The sharing out of what is left, among creditors, in an order that the law sets rather than the company. In a bankruptcy it is the final stage. Once it is done, the process closes and there is no later point at which more arrives.
Bankruptcy compared with reorganization
People often use the two words as though they described versions of the same thing. They do not, and the difference decides how much there is to share out at the end. A bankruptcy is an ending. Assets are sold on the process's timetable rather than on a good day, the costs of the process are paid before creditors are, nothing further comes in because a company that has stopped operating does not earn anything, and when the distribution is done the process closes. A reorganization changes the third of those. A business that continues can generate value over time, and that value can go toward what is owed. That is the argument for it. It is not a promise that it works, and it is not a claim about how much.
Petition
A formal request to a court. Coinmetro asked the Estonian court to open a reorganization, and that request is the petition. Filing one does not mean the court has agreed to anything. It means the court has been asked.
Filing
Submitting a document formally to a court. When people refer to "the filing", they usually mean the document itself rather than the act of sending it.
Proceedings
The formal process that exists once a court has agreed to open it. Before proceedings are opened, a case has been asked for but has not started. The distinction matters, because most of the deadlines, protections and obligations in an insolvency process only exist once proceedings do.
Declined, dismissed, rejected
Words used when a court says no to a request that has been put to it. They describe what happened to the request. They are not statements about the company, and they do not change what the company owes anyone.
Appeal
Asking a higher court to look again at a decision. An appeal is not a second attempt at the original request, and it is not a new case. The higher court is asked whether the decision that was made should stand. An appeal does not reverse anything by itself. Until it is decided, the original decision holds. Appeals run on the court's timetable, which the parties do not control.
Debtor
The company that owes the money. You will see the word in legal letters and court documents, where it is simply the label for that side of the case.
Creditor
Anyone the company owes something to. That includes you. It sounds technical, or like an accusation, but it is just the legal word for someone who is owed money or assets. It says nothing about how you came to be owed them, and it does not reduce what you are owed.
Claim
What you are owed, understood as a legal entitlement rather than as a number on a screen. Your balance is the figure. Your claim is the right to be paid it.
Registering a claim, or a proof of claim
The formal step of telling a process what you are owed, and providing evidence for it. It is how a claim moves from something you know to something the process formally recognizes. There is no such step open at the moment. If one opens, we will explain how it works and give you the deadline.
The plan
The document that sets out how a reorganization would actually work: what happens to the business, what creditors would receive, and over what period. No plan exists in final form.
The creditor vote
In most reorganization processes, creditors are asked to vote on the plan once there is one. Who votes, how much each vote counts for, and what happens next is set by the law of the country the process takes place in, not by the company. Nothing is being voted on at this stage.
Insolvency practitioner, administrator, trustee, advisor
Different names, used in different countries, for an independent person appointed to oversee an insolvency process. The title varies, and so do the powers that come with it. The common feature is that the person is not the company.
Moratorium
A period during which creditors cannot enforce their claims or start legal action against a company, giving it room to work on a solution. Whether one applies, and for how long, depends on the process and the country.
Equal treatment of creditors
A principle of reorganization law: every creditor is dealt with on the same terms. No preference for larger claims, no separate arrangements for individuals. The court supervises it, which is why nobody needs to negotiate their own position or worry about being overtaken by someone else.
Bankruptcy comparison
A required part of a reorganization plan. It sets out what creditors would be likely to receive if the company were wound up instead, so the two routes can be compared rather than guessed at. It's put together independently of the company, and the court looks at it closely, because it's the main way anyone can judge whether a plan is actually better than the alternative.
Reorganization adviser
An independent person appointed to oversee a reorganization and to write and verify the plan. The role exists so the figures put to creditors aren't simply the company's own. The adviser isn't employed by the company and is personally accountable for the work.
The company and how it is built
OÜ
The Estonian equivalent of "Ltd" in the UK or "Inc" in the US. Coinmetro OÜ is the company you hold an account with.
Legal entity
A company in its own right. It owns its own assets, owes its own debts, and can be taken to court on its own account, separately from the people who own or run it.
Shareholder
Someone who owns part of a company. It is a different thing from being a creditor. A creditor is owed something by the company. A shareholder owns a share of the company itself.
Equity, or share capital
The ownership of a company, divided into shares. When people talk about equity, they mean ownership rather than debt.
Converting a claim into equity
Receiving a stake in a company instead of being repaid what you are owed. It is one of the things that can appear in a reorganization plan. It is a description of a mechanism, not something that has been proposed to anyone here.
Book value
What an asset is recorded as being worth in a company's accounts. It is not the same as what the asset would sell for, and the two can differ considerably.
Capital injection
New money put into a company by its owners or by investors, rather than money the business earns from trading. It is one of the ways a company can fund things it could not otherwise afford.
Going concern
A business that is operating and expected to keep operating, as opposed to one being closed down and sold off. The distinction matters, because the two situations are treated very differently in law and in accounting.
Counterparty
Another business a company deals with. If a counterparty fails or does not pay, what it owed may not be recoverable, and the effect passes to the company that was relying on it.
License, or authorization
Permission from a regulator to carry out an activity that is regulated. Losing one, or not renewing it, does not remove a company's existence or its obligations. It stops the company doing the activity the license covered.
Regulator
A public body that authorizes and supervises financial firms. It is not a court. A regulator sets and enforces the rules a firm must operate under. A court decides disputes and legal questions.
VASP
Virtual Asset Service Provider. The category of authorization under which many European crypto businesses operated before EU-wide rules arrived. Coinmetro operated under a VASP authorization while it was in force, until June 30, 2026.
MiCA
Markets in Crypto-Assets, the EU regulation that now governs crypto businesses across the European Union, replacing the different national regimes that came before it. Its requirements are considerably more demanding than the ones that applied previously.
Your money and your assets
Frozen
Nothing can move into or out of an account. The balances still exist and are still recorded. What has stopped is the ability to transact them.
Paused, suspended
Used for particular services being switched off, such as trading, deposits or withdrawals. In practice you will see frozen, paused and suspended used about the same situation, describing it from slightly different angles.
Units
The quantity of an asset, rather than what it is worth. One BTC is one unit of BTC regardless of what the price does. Coinmetro's records preserve units: a balance of one BTC is recorded as one BTC.
Balance
The figure shown in your account. It is a record of what you hold. What that figure eventually converts into is a separate question, and one that has not been decided.
Statement
A record of what you held at a particular point in time. It is worth having because it is evidence of your position on a given date, which is the kind of thing formal processes ask for.
Custody
Holding an asset on someone else's behalf rather than owning it yourself. A custodian keeps the asset; the customer keeps the entitlement to it.
Cold storage
Keeping crypto in wallets that are not connected to the internet, which makes them much harder to steal from. It describes how an asset is stored. It is a security measure rather than a legal arrangement.
In kind
Getting back the same thing you put in, rather than its cash value. If you held one BTC and are repaid in kind, you receive one BTC. If you are repaid in cash instead, you receive an amount of money based on a price on a particular date. Which of these happens has not been decided.
Valuation date
The date used to work out what something is worth. It matters a great deal with crypto, because prices move. The same holding can be worth very different amounts depending on which day is used. No valuation date has been set.
Recovery
The proportion of what you are owed that you actually receive at the end of a process, usually described as a percentage. No figure has been determined, and anyone quoting one is guessing.
Shortfall
The gap between what a company holds and what it owes. It is a description of a difference, not of how the difference arose.
Pending transaction
A deposit or withdrawal that had been started but had not completed when everything stopped. These sit in a different position from settled balances, which is why they are being handled separately.
Taking part
Creditor session
A small group video call where you can ask questions directly and say what you think about how this has been handled. It is not a presentation, and it is small enough that there is room to speak rather than type. Any customer can attend. There is no list, no criteria, and no minimum balance.
What a session can and cannot do
It can answer your questions out loud, with follow-ups, which is different from a written answer because you get to say that was not what you asked. It can explain the parts that have not landed, and it is where you can tell us what you think. It cannot change your balance, release funds or unfreeze anything. It cannot give you a recovery figure, a valuation, or the court's timetable. It cannot settle your individual case, and no arrangement made in a session would carry any weight.
Registering for a session
Putting your name down for a call. It is worth separating from registering a claim, which is a formal legal step and is not open at this stage. Registering for a session does not change how your claim is treated and does not place you in any category. Choosing not to register does not disadvantage you.
Recording and consent
The sessions are recorded, so that what was said exists as a record rather than as several people's memory of it. You are told before you register, you agree to it as part of registering, and you are told again at the start of the session. You do not have to speak or turn on your camera, and if you do not, you do not appear in the recording.
Previous weekly status updates are archived below for reference. The current status always appears at the top of this page.
September 4, 2026
Current status: Our reorganization application was declined by the Estonian court on August 24. We are appealing that decision
There is no news from the court this week. We publish every Friday whether or not the position has changed, and this week it has not.
The appeal documentation is being prepared and will be submitted to the court shortly. When it has been completed, we will say so here.
Since the last update, two emails have gone out to all registered customers. The first set out where things stand in full. The second invited you to register for a smaller group session. If you have not seen either, check your spam folder. Our emails come from hello@coinmetro.com.
Registration for the sessions is open until September 18, 2026. It is open to any customer. There is no list, no criteria, and no minimum balance. You can register at coinmetro.com/creditor-session.
Everyone who registers will be contacted with a date and a time.
Registering is optional and nothing follows from choosing not to. It does not change how your claim is treated, and not registering does not disadvantage you.
The next live session is Thursday, September 10, 6pm UTC. The recording of the August 27 session.
Deposits, withdrawals, trading and onboarding remain paused. Balances remain frozen.
Nothing about your account balance has changed, and no funds have been released or removed.
No action is required from you at this stage. If anything is required, we will tell you clearly, explain how to do it, and give you the deadline.
Next update: Friday, September 11.
Next AMA: Thursday, September 10.
August 28, 2026
Current status: Our reorganization application was declined by the Estonian court on August 24. An appeal is in progress.
On the evening of Monday, August 24, the Estonian court declined our application to open reorganization proceedings, on the basis that Coinmetro's circumstances did not meet the definition of reorganization under Estonian law. An appeal has been filed and is in progress.
No reorganization plan has been submitted or rejected. No plan has yet been produced. What was before the court was an application to open the process.
Coinmetro is not bankrupt. The decision does not place the company into bankruptcy or liquidation.
Nothing about your account balance has changed, and no funds have been released or removed.
A court-supervised process remains our preferred route, because it provides independent oversight, and that is why we are appealing. We will not predict what the appeal decides or how long it takes. Work on the plan continues in the meantime, and direct conversations with creditors are beginning.
A session was held on August 27, where the decision was announced and questions were answered. The recording is available here: https://www.youtube.com/watch?v=333fPC68dkE
Deposits, withdrawals, trading and onboarding remain paused. Balances remain frozen.
No action is required from customers at this stage. If anything is required, we will tell you clearly, explain how to do it, and give you the deadline.
Next update: Friday, September 4.
Next session: Thursday, September 10, 6pm UTC.
August 21, 2026
Current status: Our response goes to the Estonian court on August 21, within the deadline.
We have not limited it to answering the specific questions asked. We have used it to set out a fuller picture of what the business becomes, how it operates through the reorganization period, and how creditor claims would be addressed, so that the court has as much context as we can give it.
What happens next
The court now reviews the response and decides how to proceed. We are not going to speculate about what it decides or when. When we know, you will know, and it will appear here first.
Today is not a cut-off
One thing worth being clear about, because it affects how much weight this date carries. Submitting today does not close the process off. Further information can be provided to the court after today, including what we hear from creditors. Your engagement continues to matter after August 21, not only before it.
What you need to do
Nothing, at this stage. That has not changed. If anything is required from you, we will tell you clearly, explain how to do it, and give you the deadline.
Next update
Friday, August 28. As always, we publish on Fridays whether or not the position has changed.
Next AMA: Thursday 27 August, 6pm UTC
Kevin Murcko talking all things Coinmetro. Where things stand, what happens next, and your questions answered. Hosted by Aaron Malone, a Coinmetro shareholder and creditor.
Full details:
https://www.youtube.com/watch?v=333fPC68dkE
August 14, 2026
Current status: Response to the court due August 21st
Coinmetro's response to the court's questions is being finalized and will be submitted by 21.08.2026. No decision has been made, and no proceedings have been opened.
Unit counts and balances as recorded on 22.06.2026 have been submitted to the court. That information will not change.
Account access is active, and balances and statements can be viewed and downloaded.
Deposits, withdrawals, trading and onboarding remain paused. Balances remain frozen.
No action is required from customers at this stage. Coinmetro will give clear notice if anything is needed.
An AMA detailing the reorganization was held on 13.08.2026. The recording of the August 27 session is on our YouTube channel.
August 7, 2026
Status: Responding to questions from the court
The Estonian court has issued questions on Coinmetro's reorganization petition. Coinmetro is preparing its response.
No decision has been made. The court will decide after it has received the requested information.
Deposits, withdrawals, trading and onboarding remain suspended. Balances are frozen.