Embattled blockchain gambling platform ZKasino is facing a skeptical audience after announcing a 72-hour refund window for investors. This move comes one month after ZKasino was accused of a $33 million “rug pull,” a scam where developers abandon a project and steal investor funds.
A Controversial Refund Process (A 72-Hour Reprieve)
In a May 28th Medium post, ZKasino outlined a “2-step bridge back process” where investors can supposedly recover their initial Ethereum (ETH) investments. However, this offer comes with caveats. Investors must forfeit their allocated ZKasino tokens (ZKAS) and remaining 14 months of ZKAS rewards to participate. Additionally, the tight 72-hour window and the lack of promotion from ZKasino’s official social media accounts have raised eyebrows. The post was only shared by “Derivatives Monke,” the ZKasino developer at the center of the controversy.
Last month, ZKasino faced criticism for diverting $33 million in investor funds to staking instead of returning them as initially promised. This move led many to accuse the platform of an “exit scam.” Shortly after, Dutch authorities apprehended a suspect linked to the alleged rug pull. Around two-thirds of the stolen funds were subsequently returned to ZKasino.
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Denials and Continued Skepticism
Despite the recent developments, ZKasino maintains its innocence. Derivatives Monke, in a separate social media post, vehemently denied the accusations and expressed regret over the “misinformation” surrounding the project.
While ZKasino offers a path to recoup losses, the process is riddled with limitations and a lack of transparency. The platform’s past actions and the unusual refund structure leave many investors wary. Only time will tell if ZKasino can rebuild trust and navigate its way out of this turbulent period.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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