ZKasino Initiates 72-Hour Bridge Back Process to Return Investor Funds
ZKasino, a blockchain-based gambling project, has recently faced allegations of conducting a $33 million “rug pull.” To address these accusations, ZKasino has introduced a 72-hour “2-step bridge back process” to enable investors to reclaim their funds.
TLDR
- ZKasino is offering investors the opportunity to retrieve their Ether deposits within a 72-hour window.
- A 26-year-old individual was arrested in connection with fraud and embezzlement related to ZKasino.
- Despite the allegations, ZKasino asserts that it is a legitimate project.
- Investors must return their full ZKasino (ZKAS) token balance to reclaim their funds.
- Some concerns have been raised regarding the legitimacy of the refund process and the short time frame for claims.
The Refund Process
Following the arrest of a suspect linked to fraudulent activities involving ZKasino, the project announced a refund process for investors on May 28. This process allows investors to engage in a 2-step bridge back procedure with a 1:1 ratio for converting their Ethereum (ETH) back.
Investor Concerns
Despite the announcement, many investors are wary of the refund process, citing several concerns:
- Requirement to send back complete ZKasino (ZKAS) token balance
- Forfeiture of allocated ZKAS and remaining vesting schedule
- Doubts about the 72-hour window for claiming funds
- Skepticism about the legitimacy of the sign-up page
Reactions and Controversy
ZKasino faced heavy criticism following its failure to return investor ETH as promised. Approximately $33 million in funds were redirected to staking, sparking accusations of an “exit scam.” Dutch authorities intervened, seizing assets, and returning a portion of the stolen funds.
Questions About Legitimacy
Despite the refund process, doubts persist regarding the legitimacy of ZKasino and its operations. The platform’s founder, Ildar Elham, has a questionable history with previous failed crypto projects. This history raises concerns about ZKasino’s intentions and credibility.
Hot Take: Stay Informed and Exercise Caution
As a crypto enthusiast, it is crucial to remain vigilant and informed about potential risks in the industry. When investing in projects like ZKasino, exercise caution, conduct thorough research, and be aware of red flags that may indicate fraudulent activities.
Sources:
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