Addressing Allegations: ZKasino Implements Refund Process
ZKasino, a blockchain-based gambling project, has implemented a 72-hour “2-step bridge back process” to address allegations of a $33 million “rug pull,” allowing investors to participate in the refund process.
- The refund process requires “bridgers” to send back their complete ZKasino (ZKAS) token balance from the original investment address.
- After data verification, a claim portal will open to facilitate the refund, but investors opting for ETH back will forfeit ZKAS tokens and the remaining release period.
- Some concerns have been raised about the 72-hour window and skepticism about the sign-up page being a potential scam.
Challenges Faced by ZKasino
ZKasino faced severe criticism due to its failure to return investor ETH after the network launch, resulting in $33 million worth of funds being staked by Lido instead.
- Changes to the original plan converted bridged ETH into ZKAS with a discounted rate and a 15-month vesting schedule, leading to accusations of an “exit scam.”
- One individual linked to the “rug pull” was arrested by Dutch authorities, with two-thirds of the funds returned to the ZKasino wallet, as Derivative Monke denied the allegations.
Record Low Crypto Hack Losses in April
April witnessed a significant decline in combined losses from hacks and scams in the crypto industry, with only $25.7 million lost to exploits, hacks, and scams.
- Flash loan attacks caused $129,000 in losses, with the largest incident resulting in $55,000 in damages, marking the lowest numbers since 2022.
- Exit scams accounted for $4.3 million in losses, with the first quarter of the year seeing $336 million lost to Web3 hackers and fraud, emphasizing the need for robust security measures.
Hot Take: Ensuring Security and Transparency in Crypto Investments
As a crypto investor, it is essential to conduct thorough due diligence before investing in any project, ensuring security and transparency to minimize the risk of falling victim to scams or fraudulent activities.
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