ZKasino warns users: "You have 72 hours left _!"

Blockchain-based betting project ZKasino has announced that it has initiated a 72-hour process to refund funds to investors after being accused of a $33 million "rug pull".

ZKasino announced in the Medium post on May 28, "We are now launching a two-step bridge return process where bridge users can register and bridge back their ETH at a 1:1 ratio," and added that the team is not giving up on this project.

"The ZKasino team is still working very hard to make the project successful. We want to reassure everyone once again that we are here to provide and maintain our best efforts."

Suspicions of fraud continue for Zkasino

The refund process involves the "bridge builder" Zkasino (ZKAS) sending back the entire balance of their ZKAS to the original address where they sent their initial Ether. However, ZKasino stated that investors requesting their ETH back will lose the allocated ZKAS and the remaining 14-month ZKAS distribution.

Some users questioned why some users were querying the 72-hour process, while others expressed concerns about the registration page being a possible scam. The Medium post was shared not from ZKasino's X account, but from the founder of ZKasino known as "Derivative Monke".

ZKasino was criticized last month for not keeping its promise to refund ETH to investors after the network went live. Instead, it sent a total of $33 million worth of investor and user funds to Lido for staking. At the time, the platform claimed to have made changes to its initial plan by converting all bridged ETH to ZKAS with a "discounted rate of $0.055 per token" under a 15-month vesting schedule.

Many people accused the platform of fraud. Just over a week later, on April 29, Dutch authorities arrested one of the suspects responsible for the rug pull. A few days later, due to Derivative Monke's denial of rug pull claims about X, about two-thirds of the stolen funds were refunded to the ZKasino multi-signature wallet.

This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.