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Bankrupt Crypto Financial Technology Company Ziglu Faces $2.7 Million Funding Gap
Summary: According to reports, the UK-based crypto financial technology company Ziglu, which went bankrupt earlier this year, is facing a funding gap of £2 million ($2.7 million), leaving thousands of investors at risk of losing their investments. Concerns over the company's financial management led to it being placed under special administration last week after withdrawal services ...
According to reports, the UK-based crypto financial technology company Ziglu, which went bankrupt earlier this year, is facing a funding gap of £2 million ($2.7 million), leaving thousands of investors at risk of losing their investments. Concerns over the company's financial management led to it being placed under special administration last week after withdrawal services were suspended in May. Ziglu attracted around 20,000 customers with promises of high returns, particularly through its 'Boost' product offering a 6% yield. However, the lack of protection or segregation measures allowed the company to use customer funds for daily operations and lending activities. Following intervention by the Financial Conduct Authority (FCA) in May, withdrawal services were frozen, leaving investors' funds locked up for weeks.
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Link: Bankrupt Crypto Financial Technology Company Ziglu Faces $2.7 Million Funding Gap [Copy]