Crypto lending platform CoinLoan posted on Twitter, “Our legal team is in direct contact with all parties to the case, including our lawyers and interim trustees, and aims to submit all information and documents required by the Estonian court before the established deadlines. Case closed. These documents should provide and demonstrate sound and detailed legal and financial reasons for withdrawing the restriction notice received on April 24, 2023. The deadline for filing these documents with the court is May 19, 2023. Until then, We don’t anticipate any substantial progress.”

Earlier news, at the end of April, Estonian crypto lending platform CoinLoan said in an announcement that it received a notice of restricted disposal on April 24, requiring it to stop all user operations, including user withdrawals. The announcement also stated that CoinLoan could not dispose of assets without the consent of the provisional liquidator. It also hinted that bankruptcy proceedings were underway, although CoinLoan itself has not confirmed that it has filed for bankruptcy. CoinLoan called the notice "unexpected" and that the changes would take effect immediately, saying it had "no choice but to comply."