ZKasino Scandal Unravels: Limited Time Offer for Users to Retrieve ETH Investments
Crypto News- ZKasino, the controversial crypto gambling platform currently under investigation by Dutch authorities for alleged scam activities, has made a surprising announcement. They claim that users, who had their ETH held hostage for almost two months, now have the opportunity to recover their funds at a 1:1 ratio.
ZKasino’s April Policy Shift: Investors Stranded with Converted ZKAS Tokens
The saga began in April when ZKasino altered its token redemption policies without warning, leaving investors unable to retrieve their bridged ether tokens as initially promised. This move affected over 10,000 investors who had already contributed more than $33 million worth of crypto to the platform. Instead of receiving their rightful ether tokens, investors found their funds converted into ZKAS tokens at an inflated price, sparking accusations of fraud.
Now, in a desperate attempt to salvage their reputation, ZKasino has opened a narrow 72-hour window for affected users to register for the fund recovery process. However, the terms are far from generous. Users must deposit their initial batch of ZKAS bridge rewards back to the platform, effectively forfeiting any future releases of ZKAS tokens over the next 14 months.
To add insult to injury, the registration process is restricted to the original ETH deposit addresses, creating further hurdles for victims seeking restitution. Despite assurances that the process will be seamless, doubts persist about the platform’s integrity, especially given its founder, Ildar Elham’s, checkered past with failed crypto ventures like ZigZagExchange and Syncus.
Arrest and Asset Seizure: Dutch Authorities Tighten Grip on ZKasino
This latest development follows the arrest of a 26-year-old individual linked to ZKasino, believed to be Elham himself, by Dutch authorities. The Fiscal Information and Investigation Service of the Netherlands (FIOD) seized millions worth of assets, including real estate and cryptocurrencies, raising more questions about the platform’s legitimacy and the credibility of its claims.
FAQs
What prompted ZKasino to change its token redemption policies in April?
ZKasino abruptly altered its token redemption policies in April, leaving investors unable to retrieve their bridged ether tokens as initially promised. This move affected over 10,000 investors who had contributed more than $33 million worth of crypto to the platform. Instead of receiving their rightful ether tokens, investors found their funds converted into ZKAS tokens at an inflated price, sparking accusations of fraud.
What options are available to users affected by ZKasino’s policy shift?
In response to the controversy, ZKasino has opened a narrow 72-hour window for affected users to register for the fund recovery process. However, the terms are stringent; users must deposit their initial batch of ZKAS bridge rewards back to the platform, effectively forfeiting any future releases of ZKAS tokens over the next 14 months.
How does the registration process for fund recovery work?
The registration process is restricted to the original ETH deposit addresses, adding further complexity for victims seeking restitution. Users are required to connect to the ZKasino network via its website, which automatically verifies the original deposit address. During this process, users must deposit their full balance of ZKAS tokens from these addresses, with allowances made for deductions needed to cover transaction gas fees.
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