Defunct UK crypto fintech company Ziglu faces $2.7 million funding shortfall

PANews reported on July 13 that according to Cointelegraph, Ziglu, a British cryptocurrency fintech company that collapsed earlier this year, had a funding gap of 2 million pounds (2.7 million U.S. dollars), and thousands of depositors were facing the dilemma of losing their investments. It is reported that due to growing concerns about the company's financial management, the company was placed under special management last week, and withdrawal services had been suspended in May. Ziglu attracted about 20,000 customers with the promise of high interest returns. However, the lack of protection or isolation measures for its products enabled the company to use customer funds for daily operations and lending activities. After the UK Financial Conduct Authority (FCA) intervened in May, withdrawals were frozen and depositors' funds were frozen for several weeks.