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The British cryptocurrency platform Ziglu enters special administration.
The UK cryptocurrency platform Ziglu, founded by Mark Hipperson, has declared bankruptcy and entered into special administration. On July 7, RSM Restructuring Advisory was appointed by the court as the managing unit after Ziglu recorded losses of up to £24 million, including £4 million due to the collapse of Celsius Network. The Financial Conduct Authority (FCA) intervened, leading to the suspension of operations and freezing of customer funds from June 13, preventing them from withdrawing money or accessing assets without protection from deposit insurance schemes. The community's response has been very negative, with many customers expressing disappointment at the situation. The current situation highlights the need for regulations for struggling cryptocurrency companies.