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ZKasino Initiates Refund Process After Alleged $33 Million Rug Pull


Following a 72-hour “2-step bridge back process,” blockchain-based gaming business ZKasino claims to have returned funds to investors a month after a claimed $33 million “rug pull.”

Refund and Project Continuity Efforts

“We are now starting 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 May 28 Medium post, adding that the team hasn’t given up on the project.

“The ZKasino team is currently working hard to ensure the project’s success. We would like to once again reassure everyone that we are here to provide and keep up our best efforts.”

Promising that a claim portal would be established following a data verification procedure, the refund method entails having the “bridger” give back their whole Zkasino (ZKAS) token balance from the original address they sent their initial Ether investment.

Any investors wishing their ETH back will, however, forfeit any assigned ZKAS as well as the remaining 14 months of ZKAS supply, ZKasino added.

While some have questioned why they have selected a 72-hour limit, others have expressed worries over whether the sign-up website would be a wallet drainer or fraud.

ZKasino’s X account has not published the Medium article, just the ZKasino builder at the heart of the dispute known as “Derivatives Monke.”

Related: The ZKasino fraud defendant was arrested in great part because of Binance.

ZKasino faced criticism last month for breaking a promise to reimburse investor ETH upon network launch. Instead, it sent Lido $33 million worth of investor and customer cash.

With all bridging ETH converted to ZKAS at a “discounted rate of $0.55,” the site said at the time that it “made changes from our initial plan” on a 15-month vesting timeline.

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Many claimed the forum engaged in an “exit scam”.

Just over a week later, on April 29, Dutch officials detained one of the individuals thought to be in charge of the “rug pull.”

A few days later, Derivative Monke publicly refuted the accusations of rug pull on X, restoring nearly two-thirds of the pilfers to the ZKasino multisig wallet.

“We regret the spread of false information about the ZKasino_io initiative. We vehemently disagree with FIOD’s and Binance’s assertions that ZKasino engaged in a so-called ‘exit scam’ or ‘rug pull,'” they wrote.

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