• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Ziglu: Bankruptcy and Special Administration Following Financial Losses

user avatar

by Giorgi Kostiuk

10 hours ago


UK-based cryptocurrency platform Ziglu has declared bankruptcy and entered special administration amid financial difficulties and FCA intervention.

Financial Collapse: Ziglu's Losses and FCA Actions

Ziglu's entry into special administration comes after substantial financial losses exceeding £24 million, including £4 million lost due to the collapse of Celsius Network. The court appointed RSM Restructuring Advisory as special administrators on July 7. Following FCA intervention, Ziglu's operations were ceased, resulting in a freeze on user funds as of June 13.

Community Backlash and Market Implications for Crypto Firms

Clients have expressed dissatisfaction regarding access to their assets, highlighting growing distrust towards Ziglu's management. Operations were suspended as per FCA directives, raising market concerns over potential losses for clients in the absence of Financial Services Compensation Scheme coverage. According to CoinMarketCap, Bitcoin's current price stands at $111,554.03, demonstrating the cryptocurrency's resilience amid financial turmoil.

Importance of Regulation in the Cryptocurrency Industry

Ziglu's situation underscores the vulnerability of crypto platforms during market downtrends and the need for stronger regulatory frameworks to ensure market stability. These issues become particularly relevant given the lack of protective mechanisms for digital assets.

In conclusion, Ziglu's bankruptcy and FCA intervention raise questions about the resilience of crypto platforms amid financial risks. This case may lead to necessary changes in cryptocurrency regulation.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Whales Change Strategies: From Bitcoin to Altcoins

chest

Analysis of new trends in the cryptocurrency market shows how major investors are shifting their strategies towards altcoins.

user avatarGiorgi Kostiuk

Data Breach at Bitcoin Depot: Over 27K Users Affected

chest

Bitcoin Depot has informed 27K customers about a data breach that occurred over a year ago. Authorities advised delaying disclosure.

user avatarGiorgi Kostiuk

Altcoin Future: Inverse Head and Shoulders Indicates Growth

chest

The inverse head and shoulders pattern in the altcoin market indicates strong growth potential. Analysts anticipate significant price increases.

user avatarGiorgi Kostiuk

BNB Chain: Latest News on Token Burns and the Creation of Asset Management Company

chest

BNB Chain has seen significant asset withdrawals and plans for BNB Treasury to cater to institutional investors.

user avatarGiorgi Kostiuk

KCGI 2025 by Bitget: New Format and Large Prize Pool

chest

Bitget has announced the opening of registration for KCGI 2025 with a record $6 million prize pool and new participation formats.

user avatarGiorgi Kostiuk

Court Victory for Crypto Apps: New Rules for Apple

chest

A federal court has ruled that Apple must lift its restrictions on crypto app developers, opening new opportunities for mobile gaming.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.