UK crypto platform Ziglu faces financial collapse and has entered special management procedures According to Crowdfunding, UK crypto banking platform Ziglu has entered a special management process, marking that the star company founded by former Starling Bank co-founder Mark Hipperson is facing serious financial difficulties. Ziglu's directors have applied to the court for special management, acknowledging that the company has gone bankrupt. David Shambrook and Damian Webb of RSM Restructuring Advisory LLP were appointed as special administrators on July 7th, responsible for overseeing bankruptcy proceedings and managing the distribution of remaining assets. The financial report shows that Ziglu has suffered losses of over £ 20 million for two consecutive years, and has lost over £ 4 million due to the bankruptcy of Celsius Network. On June 13th of this year, FCA ordered it to cease its electronic currency issuance and cryptocurrency custody business. The special administrator disclosed that as of the end of 2023, the company held £ 7.25 million in customer funds, of which £ 6.7 million were cryptocurrency assets. Currently, the withdrawal channel for users has been frozen, and the FCA has warned that its cryptocurrency business is not covered by deposit insurance.