- ZKasino has supplied to let traders declare their Ether deposits again.
- The transfer comes after Dutch police arrested a person in reference to ZKasino on Could 3.
Crypto playing platform ZKasino, which was accused by Dutch authorities of vanishing with some $30 million in consumer deposits final month, says traders can apply to get their funds again.
“We are now initiating the 2-step bridge back process in which bridgers can sign up and bridge back their ETH at a 1:1 ratio,” ZKasino stated in a Could 28 weblog submit.
The transfer comes after Dutch police arrested a 26-year-old man suspected of fraud, embezzlement and cash laundering in reference to ZKasino on Could 3.
Dutch authorities additionally stated that they had seized €11.4 million price of assorted belongings, together with actual property, a luxurious automobile, and varied cryptocurrencies.
The sudden turnaround, coupled with no communication with Dutch authorities, has left many questioning if the supply is reliable.
“They can send all our ETH back without playing these games,” Mick1794, a ZKasino investor, stated within the ZKasino Authorized Process Pressure Telegram — a messaging app.
Moreover, ZKasino stated traders solely have 72 hours to signal up.
“After three days, the ability to sign up is closed and deposits are halted,” the ZKasino submit stated.
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This comparatively brief interval traders should signal up to get their funds again might imply many who thought their funds have been gone will miss out.
In March, ZKasino and its founders introduced a programme known as Bridge-to-Earn, providing customers an opportunity to lock up their Ether quickly to earn rewards.
However when it got here time to redeem a month later, ZKasino immediately modified the principles and stored some $30 million price of deposits.
Each traders and Dutch authorities accused ZKasino of operating off with the funds.
Rip-off allegations
Regardless of Dutch authorities asserting that ZKasino is a rip-off, the mission has at all times maintained that it’s reliable.
“We have initiated the process for bridgers to bridge back their ETH for those who choose not to be part of the ZKAS conversion,” ZKasino stated in its weblog submit, with out acknowledging the accusations.
Those that bridged Ether as a part of ZKasino’s Bridge-to-Earn programme can now deposit the ZKAS tokens they obtained in return to get their Ether deposits again.
“Signing up forfeits the remaining 14 months of ZKAS release,” the submit stated.
The submit nonetheless, made no point out of the Ether staking rewards that ZKasino earned on customers deposits.
Onchain data present ZKasino has transformed traders’ Ether to Lido’s Wrapped Staked Ether shortly after the top of the Bridge-to-Earn programme on April 20.
On the present Lido staking yield of three.3%, mixed with Ether’s current rally, the staking rewards accrued by ZKasino are price over $100,000.
Tim Craig is a DeFi Correspondent at DL Information. Received a tip? E-mail him at tim@dlnews.com.