Estonia-based cryptocurrency exchange CoinMetro claimed that it had filed a “rehabilitation application with an Estonian court.”
In an announcement, it said this was necessary due to the “extraordinary circumstances caused by the failure of one of our financial services providers.”
Furthermore, the company claims that it had already suspended user registration, deposits, and withdrawals on June 22nd.
Interestingly, in the Estonian registry, both Coinmetro OÜ and Coinmetro Group OÜ have missed their annual report filing deadlines. Coinmetro Group OÜ is also listed as having tax debt.
The announcement did not specify which financial services partner was responsible for the failure, and CoinMetro has not yet responded to Protos’ questions on the matter.
In a YouTube-based “Ask Me Anything” with Coinmetro CEO (beneficiary) Kevin Murcko, he claimed that multiple providers actually failed, even though the announcement said only one.
He also claimed there was a multi-year internal investigation, suggesting the failure occurred well before this announcement.
Additionally, he said that while it was not initially important as he believed CoinMetro’s balance sheet was strong enough, it became important as CoinMetro approached the July 1 license deadline to comply with crypto market regulations.
The vault worked fine. pic.twitter.com/YKQW5E3gXC
— Coinmetro (@CoinMetro) May 16, 2026
prime trust
The Prime Trust Bankruptcy Trust (PCT Litigation Trust) filed a hostile lawsuit against CoinMetro in August last year.
This proceeding attempted to recover withdrawals made in the days immediately preceding the bankruptcy.
The proceedings allege that Prime transferred $1,205,751.10 to CoinMetro in the days before Prime went bankrupt.
The mistakes and fraud committed by Prime appear to have made it extremely difficult to determine who was borrowing what funds from Prime Trust.
This means that Coinmetro did not necessarily withdraw more funds than it deposited due to the failure, and Prime Trust is looking to recoup many of the last day’s withdrawals.
Protoss reached out to CoinMetro for comment, but did not receive a response prior to publication.
