ZKasino Launches 72-Hour Refund Process for Investors After “Rug Pull” Allegations
ZKasino, a blockchain-based gaming project, has announced a 72-hour refund process to return funds to investors, following accusations of a $33 million scam known as a “rug pull”.
This announcement comes after serious allegations cast doubt on the integrity of the project and its founders.
Refund Process Details
According to an article published on Medium by ZKasino on May 28, investors have the option to recover their initial investment in ETH through a two-step bridge process where users must send back their complete balance of ZKasino tokens (ZKAS) from the original sending address of their Ethers.
In return, they will receive an equivalent amount in ETH. However, by accepting this refund, investors will relinquish any allocated ZKAS and the remaining 14 months of ZKAS vesting.
Community Concerns and Skepticism
Despite these announcements, the credibility of ZKasino remains tarnished by lingering suspicions within the crypto community. Some investors express concern about the legitimacy of the refund registration page, fearing it may be a scam or a means to empty users’ wallets.
In addition, the fact that the announcement was only shared on ZKasino’s Medium page and not on its official X account, where communication is generally more transparent and followed, adds to the distrust.
Context and Recent Events
The project had previously come under criticism last month for failing to return investors’ ETH after the launch of its network. Instead, ZKasino had transferred $33 million in investor and user funds to Lido for staking.
Shortly after, Dutch authorities arrested an individual suspected of being responsible for this scam. Despite the ETH being returned to ZKasino’s multisig wallet and public denials of the rug pull accusations by Derivative Monke on X, trust in the project remains shaken.
