Brussels – The Brussels Business Court has approved a restructuring plan for the Belgian cryptocurrency platform Bit4You, allowing thousands of investors to recover at least a portion of their funds after years of uncertainty.
Lawyer Mischaël Modrikamen, representing the creditors, confirmed the court’s approval, which comes after an agreement by the majority of creditors.
The decision marks a crucial step for investors who had funds tied up in cryptocurrencies through Bit4You before the platform’s abrupt suspension of operations in April 2023.
Bit4You was forced to halt its services after losing its licence due to the bankruptcy of its Estonian service provider, CoinLoan. The collapse led to millions of euros worth of cryptocurrencies being frozen, sparking legal battles as creditors sought reimbursement.
Following multiple legal proceedings, the Brussels Court of Appeal intervened by appointing Yves Delacollette as interim administrator and Michel Forges as a reorganisation expert.
The two officials devised a restructuring plan earlier this year, which was supported by a large majority of creditors and has now received final approval from the Brussels Business Court.
“The crypto assets held by Bit4You will be sold on the market, and the proceeds, along with funds recovered from the bankrupt trading platforms FTX and CoinLoan, will be distributed in the coming months among creditors, in accordance with the plan’s terms,” Modrikamen stated.
The lawyer emphasised that this plan avoids the complexities typically associated with bankruptcy proceedings, ensuring a more straightforward and efficient distribution process. The total amount to be recovered will depend on cryptocurrency market prices at the time of the sale.
According to the French-language news site L-Post, the liquidation of assets could yield up to €30 million. While the final sum remains uncertain, creditors are hopeful that the restructuring plan will provide substantial relief to investors who had feared losing their entire holdings.
Interim administrator Delacollette outlined the timeline for implementation, stating that he expects the process to be completed before the summer. He also anticipates making over 10,000 payments to affected creditors, underscoring the scale of the reimbursement effort.
The case highlights the risks associated with cryptocurrency investments, particularly when intermediaries like Bit4You rely on external service providers.
The collapse of platforms such as CoinLoan and FTX has had ripple effects on investors worldwide, leaving many in prolonged legal battles to reclaim their funds.
With the Brussels Business Court’s approval, creditors of Bit4You now have a clearer path toward financial recovery.
The coming months will determine how much investors will ultimately receive, but the decision marks a significant milestone in resolving one of Belgium’s most notable cryptocurrency insolvencies.
This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members
