Thousands of savers face potential losses after a $2.7 million shortfall was discovered at Ziglu, a British crypto fintech that entered special administration.

Thousands of savers face the grim prospect of losing their investments after administrators uncovered a 2 million pounds ($2.7 million) shortfall at Ziglu, a British cryptocurrency fintech that collapsed earlier this year.

The company, which suspended withdrawals in May, was placed into special administration last week amid mounting concerns over its financial management, according to a Sunday report from The Telegraph.

Ziglu attracted around 20,000 customers with promises of high-interest returns, particularly through its “Boost” product, which offered yields up to 6%. Launched in 2021 during a period of low interest rates, Boost became popular due to its higher returns.

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Author: Amin Haqshanas

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