YEREVAN (CoinChapter.com) — ZKasino, a blockchain gambling platform, has rattled its user base by redirecting $33 million worth of bridged Ethereum (ETH) to the staking protocol Lido. Originally, these funds were earmarked for a refund, promised to thousands of hopeful users.
ZKasino Dupes Users
Just last month, over 10,000 users transferred a whopping total of 10,515 ETH to ZKasino. They aimed to snag more of its native token, ZKAS, lured by the promise of easy redemption. Yet, in an unexpected pivot, its recent announcement highlighted a drastic shift in plans. Instead of returning the ETH, the platform converted it into ZKAS tokens at a “discounted rate of $0.055” — a move that has since locked users’ assets into a lengthy 15-month vesting period.
Adding insult to injury, ZKasino’s website underwent a quiet revision. Statements assuring the return of ETH vanished overnight. This sleight of hand has not gone unnoticed. An avalanche of grievances has emerged on social media platforms, painting ZKasino as potentially deceitful.
Technical Shortcomings
The community’s mistrust deepened following revelations from an anonymous developer, “cygaar”. They criticized the ZKasino blockchain for its lackluster deployment and misleading claims about its technological capabilities.
Moreover, concerns about ZKasino operating without a valid license have ignited fears regarding the platform’s legality and the security of user funds.
The plot thickens with venture capital firm Big Brain’s public declaration. They refuted any association with ZKasino’s purported $350 million funding round, further isolating the platform. Similarly, crypto exchange MEXC washed its hands off, stating that its investor status does not affiliate it with the platform’s decisions.
A Call for Accountability for ZKasino
The community’s response has escalated, with some users distributing personal information about ZKasino’s founder, urging legal action. Amid the escalating backlash, the platform and its leadership remain largely silent, only sporadically updating on minor technical integrations.
With trust eroded and legal threats looming, ZKasino’s future hangs by a thread. The crypto world watches closely as this saga may set a precedent for transparency and accountability in decentralized finance.
