Thousands of saving faces a grim prospect of losing investments after the administrators discovered a deficiency of 2 million pounds ($ 2.7 million) in Zigl, the British fintech cryptocurrency, which collapsed at the beginning of this year.
The company that suspended payments in May was placed in a special administration last week in connection with the growing fears of financial management, According to for a Sunday report with Telegraph.
Ziglu attracted about 20,000 customers with promises of high interest, especially thanks to the product “reinforcement”, which offered up to 6%. Boyost, introduced to the market in 2021, became popular due to higher returns.
However, the product was not protected or fenced with a ring, enabling the company to exploit customer funds for daily activities and credit activities. After financial authorization (FCA) intervention In May, the payments were frozen, leaving saving closed from money for weeks.
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Ziglu directors accused of improper exploit of customer funds
During a recent hearing in the Supreme Court, the directors were accused of improper funds, with evidence suggesting that the money from Boost Savers was redirected to cover the general problems related to cash flows, before the company applied for a special administration in June, according to telegraph.
The report stated that about 4,000 customers were frozen for reinforcement, with a total value of about $ 3.6 million. In the case of a deficiency of 2.7 million dollars, most of these funds may be lost, unless it is recovered under a rescue contract or sales.
Ziglu, founded by the former co -founder of Starling Bank, Marek Hipperson, described his mission as “enabling everyone from the new world of digital money, safe, safe and accessible.”
The company was once valued at $ 170 million and attracted a contract with the American FinTech Robinhood giant in 2022, which later fell due to the confusion on the cryptographic market. Ziglu administrators, RSM, will now look for buyers for the company.
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The United Kingdom remains behind the cryptocurrency regulation
The unquestionable position of Great Britain regarding the regulation of digital assets is the criticism of industry experts who blame the political “delay” for the country behind the European Union and the USA.
Last month, John Orchard and Lewis McLellan of the Digital Monetary Institute argued that Great Britain wasted its early role in financing the distributed Ledger by delaying specific regulatory activities.
Unlike EU markets, as part of cryptocurrencies (MICU) and a recent fragment of the US Senate Act, which ensures clear guidelines for cryptography and stableleins, in Great Britain FCA still has no confirmed date of the release of the cryptocurrency regime.
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