ZKasino, a blockchain-based gambling platform, is in the spotlight after its controversial decision to divert investor funds of $33 million (around Rp535 billion) to the Lido staking protocol. This recall caused concern among its users.
The Beginning of Crypto Withdrawals from ZKasino
On April 20, ZKasino announced the launch of their new network which has attracted over 10,000 users to invest a total of 10,515 Ether (ETH). Users hoping to earn ZKasino tokens (ZKAS) are now surprised by the unexpected change of plans.
Instead of returning ETH, ZKasino converts it to ZKAS at a discounted price of $0.055 (approximately Rp891.65) per token, with a vesting period of 15 months. This decision sparked suspicion among users, who felt that the initial promise had been broken.
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10,515 ETH Withdrawn to Lido
Concerns were raised when it was revealed that the entire 10,515 ETH had been transferred to Lido. The developers of the crypto known as "cygaar" revealed that the network released by ZKasino may not be the promised innovative technology, but rather just the existing Arbitrum Nitro network.
Social media was filled with accusations from investors who felt cheated, with some even revealing the personal information of ZKasino's founder, known as "Derivatives Monke," and demanding legal action.
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Big Brain Admits Not to Invest in ZKasino
Venture capital firm Big Brain, in a statement on social media on April 21, confirmed that it never invested in ZKasino and did not receive the promised token distribution. This adds to suspicions of the project's legitimacy.
Previously, ZKasino claimed to have secured a Series A investment round with a valuation of $350 million (around IDR 5,675,250,000,000), supported by crypto exchanges MEXC and Big Brain Holdings. However, MEXC has distanced itself, insisting that they are just one of many investors.
ZKasino Silence
Amidst this controversy, ZKasino chose to remain tight-lipped, only posting regular updates about EIP-3074 integration on their platform. Meanwhile, the Ethereum network continues to grow, with over a million validators and around 32 million ETH (worth around $114 million or Rp1,848,510,000,000) staked, demonstrating a strong commitment to the proof-of-stake (PoS) consensus mechanism.
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Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Apa Itu Lido DAO (LDO)? Solusi Liquid Staking
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Prediksi Harga ANKR 2024 - 2030: Fokus Pada Project Web3, Bakal Meroket?
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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