UK-based platform Ziglu is at the center of a financial crisis and has entered special administration after substantial losses.
Ziglu's Troubles and Appointment of Administrators
Ziglu entered special administration on July 7, 2025, after recording financial deficits exceeding £24 million. This decision stemmed from the UK court, which appointed David Shambrook and Damian Webb from RSM Restructuring Advisory LLP to manage this process.
Impact and Consequences for Customers
This situation raises serious concerns as customer assets, totaling over £7.25 million, remain inaccessible. Special administrators have cautioned that all customer funds and assets are frozen pending further assessment. "Customers should monitor official updates (no direct blog or Twitter post available as of this publication)."
Market and Future of Crypto Operations
The events surrounding Ziglu highlight the risks in the cryptocurrency market and potential ramifications for others. Experts have begun drawing parallels with past bankruptcies, like Celsius, raising concerns about contagion effects in the digital asset sector. Future regulatory changes are expected to impact operations in this space.
The Ziglu situation serves as a cautionary tale for other crypto platforms regarding the importance of financial stability and adherence to regulatory standards. The future of the company and its customers remains uncertain.
