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>>ZKasino has implemented a 72-hour “2-Step Bridge Back Process” to promptly return funds to investors.

ZKasino has implemented a 72-hour “2-Step Bridge Back Process” to promptly return funds to investors.

crypthub

1/24/2025, 11:46:39 AM

ZKasino's Response to Rug Pull Allegations

ZKasino, a blockchain-powered gambling platform, has initiated a 72-hour "2-step bridge back process" to address allegations of a $33 million rug pull. The team announced this in a Medium post on May 28th, offering investors the chance to reclaim their Ethereum (ETH) at a 1:1 ratio. This move comes after intense criticism following the platform's launch, where investor ETH was not returned as promised, instead transferred to Lido for staking, leading many to accuse ZKasino of an "exit scam."

Refund Process Details

The refund process requires investors to send back their complete ZKasino (ZKAS) token balance from the original address used for investment. Upon data verification, a claim portal will be opened. However, there are concessions: investors opting for ETH refunds will forfeit allocated ZKAS tokens and remaining ZKAS token release schedule benefits. Some investors have expressed skepticism regarding the 72-hour window and potential security risks.

Industry Context: Scams and Hacks

The cryptocurrency industry experienced a downturn in April, with combined losses from hacks and scams reaching their lowest level since 2021, totaling approximately $25.7 million. Flash loan attacks caused $129,000 in losses, while exit scams resulted in $4.3 million. The first quarter of the year saw a total loss of $336 million to Web3 hackers and fraud, highlighting the ongoing challenges facing the industry.