💥Crypto firm Ziglu Collapse & UK’s Crypto Lag 🇬🇧📉
🏦 Ziglu Faces $2.7M Deficit
UK crypto firm Ziglu, once valued at $170M, now has a $2.7M shortfall, freezing 4,000+ user accounts. Its high-yield “Boost” product (6%) was unprotected. FCA stepped in, placing it into special administration.
⚖️ Mismanagement & Failed Robinhood Deal
Directors are accused of misusing funds to cover cash flow. A 2022 Robinhood acquisition deal collapsed during the market crash. Now, RSM (insolvency firm) is seeking buyers.
🕰️ UK Falls Behind on Crypto Regulation
Experts blame “policy procrastination” as the UK trails the EU (MiCA) and US (GENIUS Act) in setting clear rules.