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Arbitrum

Million

April

ZKasino, a blockchain-based gambling project, recently made headlines for its innovative move. Originally planning to return $33 million worth of investor and user funds in ETH, it changed course and sent it to staking protocol Lido. 
In their recent blog post on April 20, ZKasino announced the launch of its network. More than <a href="https://www.cryptotimes.io/2024/04/21/zkasino-faces-backlash-following-halted-withdrawals/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">10,000 users have bridged over 10,515 Ether</a> (ETH) to the network with hopes of collecting ZKasino (ZKAS) tokens. Initially promising their ETH back, users were surprised to find it was converted to ZKAS tokens at a discounted rate. 
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 The funniest part of the Zkasino drama is that the chain they released has no zk tech in it at all (nor does it use EigenDA). It's an Arbitrum Nitro chain that took 2 minutes to deploy. They put ZERO effort into scamming everyone lmao. <a href="https://t.co/VkKYZWttGl" target="_blank" data-wpel-link="external">pic.twitter.com/VkKYZWttGl</a>— cygaar (@0xCygaar) <a href="https://twitter.com/0xCygaar/status/1782043339744809044?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">April 21, 2024</a>
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A mysterious crypto developer named “cygaar” alleges that ZKasino’s blockchain was “an Arbitrum Nitro chain that took 2 minutes to deploy” and is not using the promised zero-knowledge tech or EigenDA. He said, “They put ZERO effort into scamming everyone.” 
Some have even spread the personal information and address of ZKasino’s founder, known on X as “Derivatives Monke,” using it to call for legal action. 
On a popular platform, numerous ZKasino backers are claiming it’s an exit scam, even going as far as sharing the personal details of the founder, “Derivatives Monke,” to demand legal action. 
Big Brain, a venture capital firm, stirred more controversy by stating on April 21 that ZKasino seems fraudulent and they never invested in it, despite ZKasino’s claim of a $350 million Series A round with backing from them and others. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/21/montreal-woman-loses-25000-in-fake-cryptocurrency-scam/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">Montreal Woman Loses $25,000 in Fake Crypto Scam</a> 
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ZKasino Community Reacts to $33 Million Exit Scam

The Crypto Times

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