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CDS Crypto News ZKasino Scam: Alleged Perpetrator Apprehended, 12.2M Dollars Confiscated by Dutch Officials

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ZKasino Scam: Alleged Perpetrator Apprehended, 12.2M Dollars Confiscated by Dutch Officials

During the arrest, authorities confiscated digital assets, real estate, and luxury cars valued at $12.2 million.

Ecem EFE03/05/20241 Mins read75

ZKasino Scam: Alleged Perpetrator Apprehended, 12.2M Dollars Confiscated by Dutch Officials

Crypto News- In a significant breakthrough, Dutch authorities have apprehended a 26-year-old man suspected of orchestrating the fraudulent activities surrounding the ZKasino online gambling platform. The arrest, executed by the Fiscal Information and Investigation Service (FIOD) on April 29, is linked to charges of fraud, embezzlement, and money laundering.

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According to a report released by FIOD on May 3, the authorities have seized assets totaling over 11.4 million euros ($12.2 million) in cryptocurrency, real estate, and luxury vehicles.

ZKasino Scam: Alleged Perpetrator Apprehended, 12.2M Dollars Confiscated by Dutch Officials

This development marks a pivotal moment in the ongoing investigation into the ZKasino fraud case, which has seen investors lose upwards of $33 million in digital assets. Initial promises of investment returns within a month were never fulfilled, as revealed by Dutch authorities who uncovered discrepancies in the platform’s smart contract.

The suspect’s detention has been extended by 14 days for further investigative purposes. While the identity of the suspect remains undisclosed, speculation within the crypto community continues to circulate.

ZKasino Saga: From Promise to Suspicion

The ZKasino saga began with promises of a revolutionary blockchain-based gambling platform, attracting investments from over 10,000 individuals. However, concerns arose when the platform abruptly transferred all invested Ethereum (ETH) into the Lido staking protocol on April 20, raising suspicion among users. Additionally, alterations to the platform’s website, removing assurances of fund returns, fueled skepticism.

Adding to the controversy, ZKasino’s claim of securing a Series A investment round at a $350 million valuation was refuted by purported backers, including crypto exchange MEXC and venture firm Big Brain Holdings. Big Brain Holdings distanced itself from ZKasino, denouncing the platform as fraudulent despite earlier associations.