Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Alleged scam ZKasino gives users 72-hour window to reclaim their ETH

Alleged scam ZKasino gives users 72-hour window to reclaim their ETH

The BlockThe Block2024/05/29 07:16
By:The Block

Quick Take ZKasino claimed that users could bridge back their ETH at a 1:1 ratio after the funds were held for nearly two months. It gave users a 72-hour window — from 28 May to 31 May — to register for a reclaim process. Over 10,000 investors had bridged more than $33 million worth of crypto on ZKasino at launch. These funds were converted into ZKAS tokens at an inflated price without user consent, leading to allegations that the project was a scam.

ZKasino, a crypto gambling platform embroiled in scam allegations and investigated by Dutch authorities, claimed that users of the platform can bridge back their ETH at a 1:1 ratio — funds that had been held hostage for nearly two months.

In April, ZKasino abruptly changed its token redeeming policies around the time of launch. This change prevented investors from reclaiming their bridged ether tokens, initially promised by the project.

By the time of launch, over 10,000 investors had already bridged more than $33 million worth of crypto on ZKasino. These funds were converted into ZKAS tokens at an inflated price without user consent, leading to scam allegations .

These users or "bridgers" have now been given a narrow 72-hour window — from 28 May at 14:00 UTC to 31 May at 14:00 UTC — to register for the reclaim process. The registration requires users to deposit their first received batch of ZKAS bridge rewards back to the platform, forfeiting any future releases of ZKAS tokens scheduled over the next 14 months.

The sign-up process is restricted to the original ETH deposit addresses through which the ZKAS bridge rewards were initially received. Participants were asked to connect to the ZKasino network via its website, which would automatically verify the original deposit address.

During this process, users are required to deposit their full balance of ZKAS tokens from these addresses, although allowances are made for deductions needed to cover transaction gas fees.

The platform’s CEO, Ildar Elham, also known as Derivatives Ape, appears to have a shady history involving previous failed crypto projects like ZigZagExchange and Syncus, which continues to raise concerns about the platform’s operations and the latest claims made by the project.

This comes after Dutch investigators arrested a 26-year-old man associated with ZKasino (who was widely considered to be Elham) and seized physical and digital records, and various assets worth 11.4 million euros ($12.2 million), including real estate and cryptocurrencies, the Fiscal Information and Investigation Service of the Netherlands (FIOD) said.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Jim Cramer Predicts Crash Like 1987’s Black Monday

Jim Cramer compares today’s market to 1987’s Black Monday, warning investors of a potential major crash.Cramer Sees History Repeating ItselfSigns of Trouble in the MarketWhat Should Investors Do?

Coinomedia2025/04/05 22:11
Jim Cramer Predicts Crash Like 1987’s Black Monday

Qubetics’ Massive ROI Predictions—Will It Become the Top Altcoin for Huge Gains Over Chainlink and Stellar?

Discover why Qubetics, Chainlink, and Stellar are dominating as the top altcoin for huge gains. Explore their market positions, milestones, and future potential.Qubetics: The World’s First Web3 Aggregator Making Crypto Work TogetherChainlink: The Oracle Kingpin Keeping Smart Contracts SmartStellar: Fast, Cheap, and Perfect for PaymentsSo, Which One’s the Best Bet?

Coinomedia2025/04/05 22:11
Qubetics’ Massive ROI Predictions—Will It Become the Top Altcoin for Huge Gains Over Chainlink and Stellar?

RWA TVL Tops $10B, 90% on Ethereum

Real-world asset (RWA) TVL surpasses $10B, with over 90% hosted on Ethereum, solidifying ETH's lead in the tokenized assets space.RWA Market Breaks $10B BarrierEthereum Dominates RWA SpaceWhy This Matters for Ethereum and Crypto

Coinomedia2025/04/05 22:11
RWA TVL Tops $10B, 90% on Ethereum