ZKasino Starts ETH Refund Process Amid Growing Scam Allegations

Blockchain-based gambling platform ZKasino has initiated a 72-hour refund process that would return funds to its investors. The decision comes a month after the project was accused of operating at a value of $33 million. Despite the refund process dubbed by the project as a “two-step return process,” some investors remain skeptical about the authenticity of the claim and the project's intentions.

in a medium eth-at-1-1-ratio-92f01f3ee3f0″ rel=”noopener nofollow noreferrer”>mail On May 28, ZKasino stated that bridgers can register and bridge their Ether (eth) at a 1:1 ratio.

The refund process requires the “bridger” to return their entire balance of Zkasino (ZKAS) tokens from the original address they used for their initial investment in eth. ZKasino promised to open a complaints portal after a data verification process. However, investors who opt for redemption will lose the allocated ZKAS and the remaining 14 months of ZKAS release. Even though the update was posted on ZKasino's Medium page, some investors have expressed concerns about the authenticity of the refund process. Questions have been raised about choosing a 72-hour period, with some sharing concerns about the signup page possibly being a scam or wallet drain.

Adding to the skepticism, the Medium post has not been shared by the official ZKasino account

Last month, ZKasino faced harsh criticism for breaking a promise to return eth to the investor after its network went live. Instead, the platform sent $33 million worth of investor and user funds to Lido for staking, claiming that they had “made changes from our initial plan.”

The platform converted all eth bridged to ZKAS at a “discount rate of $0.055” on a 15-month vesting schedule, leading many to accuse the platform of running an “exit scam” or “throwing of carpets”.

Just over a week after the controversy broke out, Dutch authorities arrested one of the people suspected of being responsible for the alleged “rug pulling”: Derivatives Monke. A few days later, around two-thirds of the stolen funds were returned to ZKasino's multi-signature wallet. Derivative Monke publicly denied carpet-pulling allegations about

While the project claims to be working hard to make amends and ensure its success, the lack of official communication from ZKasino's main channels and history of broken promises has left investors distrustful of the legitimacy of the refund process.