April 26 (Cointime) - CoinLoan, an Estonia-based cryptocurrency lending platform, announced the suspension of all user operations, including withdrawals, due to an unexpected Notice of restraint on disposition received on April 24, 2023.

According to the notice, CoinLoan is unable to manage assets without approval from an interim liquidator. This implies that bankruptcy processes might be in progress; however, CoinLoan has not officially verified that they have submitted a bankruptcy claim.

The Estonian legal entity, CoinLoan OÜ, requires interim trustee approval for any operations involving obligations within the CoinLoan group. Obtaining such approval may take several business days, with more information to be shared as it becomes available.

CoinLoan's legal team has provided arguments to prove the company's ability to fulfill its obligations, and the appointment of the interim trustee is seen as the easiest way for the court to find a solution through an independent third party's verification. The company plans to file an appeal while obeying the existing court ruling.