ZKasino, a cryptocurrency gambling platform that has been investigated by Dutch authorities for its alleged involvement in fraud, has claimed that users of the platform can reconnect their ETH, funds that have been held hostage for nearly two months, at a 1:1 ratio.
Last April, ZKasino suddenly changed its token redemption policy upon launch. This change left investors unable to reclaim the bridged Ether tokens they had initially promised in the project.
At launch, over 10,000 investors have already linked over $33 million worth of cryptocurrency on ZKasino. These funds were converted into ZKAS tokens at inflated prices without user consent, leading to allegations of fraud.
These users, or “bridgers,” are now given a narrow 72-hour window, from 14:00 UTC on May 28 to 14:00 UTC on May 31, to sign up for the recall process. Registration will require users to deposit their first batch of ZKAS bridge rewards back into the platform, and future releases of ZKAS tokens scheduled for the next 14 months will be forfeited.
The sign-up process is limited to the original ETH deposit address that initially received the ZKAS bridge reward. Participants were asked to connect to the ZKasino network through a website that automatically verified their original deposit address.
During this process, users will be required to deposit the full balance of ZKAS tokens at this address, although they will allow deductions as needed to cover transaction gas fees.
The platform’s CEO Ildar Elham, also known as Derivatives Ape, appears to have a shady history with previous failed cryptocurrency projects such as ZigZagExchange and Syncus, which continues to raise concerns about the platform’s operations and the project’s latest claims .
This comes after Dutch investigators arrested a 26-year-old man linked to ZKasino (widely believed to be Elham) and seized various assets worth 11.4 million euros ($12.2 million), including physical and digital records and real estate and cryptocurrency. It will. The Netherlands Financial Information Office (FIOD) said.
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