Key Takeaways:
- ZKasino has initiated a 72-hour refund process for investors to return ZKAS tokens and reclaim their initial ETH investment.
- The refund requires investors to forfeit any ZKAS allocations and future releases, despite lingering concerns about the process being a scam.
- Allegations of a $33 million exit scam and a previous incident involving redirected funds have intensified scrutiny on ZKasino, despite their denials.
ZKasino, a blockchain-based gambling project, has initiated a 72-hour refund process to address allegations of a $33 million scam.
The process, announced in a May 28 Medium post, allows investors to return their ZKasino (ZKAS) tokens and receive their initial Ether (ETH) investment back at a 1:1 ratio.
ZKASINO OFFERS USERS 72 HOURS TO RECLAIM THEIR $ETH: WHAT WE KNOW
— BSCN (@BSCNews) May 29, 2024
– ZKasino initiates a 72-hour "2-step bridge back process" to return funds to investors after a $33 million rug pull allegation.
– Investors must return their full ZKasino (ZKAS) token balance from the original… https://t.co/Z9OxIeTy97 pic.twitter.com/rTHVvEtt4w
This refund process requires investors to forfeit any allocated ZKAS and future releases.
Despite ZKasino’s assurances of their commitment to the project, concerns remain about the potential for the process to be a scam.
Bridge back ETH at 1:1 ratio
— Derivatives Monke (@Derivatives_Ape) May 28, 2024
We now initiate the 2-step bridge back process for bridgers who choose to receive back their ETH.
We apologise for the delay and thank you for your patience.
Please read the details about the bridge back process on our Medium post:…
The Medium post, not shared on official social media, was posted by “Derivatives Monke,” who is central to the controversy.
Previously, ZKasino faced backlash for redirecting $33 million in investor funds to staking instead of returning it as promised, leading to accusations of an exit scam.
🚨 #ZKasino, under scam allegations, now allows users to reclaim $ETH at a 1:1 ratio.
— Satoshi Club (@esatoshiclub) May 29, 2024
In April, ZKasino changed its token policies, preventing 10,000+ investors from reclaiming $33M in bridged ETH.
Users have a 72-hour window from May 28 to register for the reclaim process.
Dutch authorities arrested a suspect involved, and some funds were returned to the ZKasino wallet.
ZKasino has denied the rug pull allegations, stating that misinformation has been spread about the project.
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