ZKasino Promises Investor Compensation, Is That True?

Bittime - DeFi platform ZKasino which recently got caught up in controversy shocked the community with the promise of 1:1 investor refunds. However, this sudden offer was tinged with high skepticism due to lack of communication and short deadlines.

ZKasino, a DeFi platform that has recently become a hot topic of conversation, has just announced plans to return stolen funds to investors at a 1:1 ratio. Through a blog post on May 28, the platform accused of embezzling $30 million in investor funds by Dutch authorities stated that users can reclaim their Ethereum (ETH) through a newly implemented "2-step backbridge" process.

Also read: Bitcoin price predicted to reach $400,000 per coin, here's how crypto analysts explain it!

This announcement comes following the arrest of a 26-year-old Dutch man suspected of being linked to ZKasino in early May. The man was charged with fraud, embezzlement and money laundering. He is suspected of being the figure behind the ZKasino developer's X account called "Derivatives Monke."

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Dutch authorities alone have confiscated assets worth €11.4 million, including property, luxury cars and various cryptocurrencies.

Investor Skepticism of Zkasino Remains High

Although ZKasino promised to return investors' funds, trust is still not fully restored. The lack of direct communication with Dutch authorities and the sudden offer of refunds sparked a lot of doubt among the crypto community.

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One of the main highlights is the 72-hour time window that the platform gives investors to register for the refund process. Skeptics argue that this short timeframe could make it difficult for many investors to retrieve their funds and could be another fraudulent scheme to drain users' wallets.

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Apart from that, the platform's blog post also does not discuss staking rewards obtained from user deposits. Blockchain (onchain) transaction records show that after the Bridge-to-Earn program ended, ZKasino converted investors' ETH into Lido's Wrapped Staked Ether (wstETH).

Considering Lido's current staking yield of 3.3% and the recent rise in ETH prices, the resulting staking reward is estimated at over $100,000.

Some community members questioned why the platform was asking them to go through another process instead of simply returning Ethereum.

Authenticity of Zkasino Blog and Social Media Questioned

Not only the claim process, the authenticity of the blog and related social media posts is also being questioned. Many people doubt how "Derivatives Monke" could tweet about returning the funds if he was actually being held in prison.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor 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.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.