Blockchain-based gambling project ZKasino says it has begun a 72-hour “two-stage bridgeback process” to return funds to investors, a month after reportedly carrying out a $33 million “rug pull” .
“We are launching a two-step bridgeback process that will allow bridgers to register and bridgeback ETH at a 1:1 ratio,” ZKasino said in a May 28 Medium post, adding that the team is not giving up. project.
“The ZKasino team is still working hard to make the project a success. “We want to reassure everyone that we are here to continue our best efforts.”
The refund process involves having the “Bridger” send your entire Zkasino (ZKAS) token balance back to the original address from which you sent your initial Ether (ETH) investment, and promises that a claims portal will open after the data verification process.
However, investors who want their ETH back will lose their allocated ZKAS and the remaining 14 months of ZKAS releases, ZKasino said.
Some people questioned why a 72-hour window was chosen, while others shared concerns that the sign-up page could be a waste of money or a scam.
The Medium post was not shared by ZKasino’s X account, but only by “Derivatives Monke,” the ZKasino builder at the center of the controversy.
Related: How Binance Played a Key Role in Arresting ZKasino Fraud Suspects
ZKasino came under fire last month for breaking its promise to return ETH to investors after the network went live. Instead, it sent $33 million worth of investor and user funds to Lido for staking.
At the time, the platform claimed it had “changed its initial plan” by converting all bridged ETH to ZKAS at a “discounted rate of $0.055” under a 15-month vesting schedule.
Many people have accused the platform of carrying out “exit fraud”.
A little over a week later, on April 29, Dutch authorities arrested one of the men suspected of being responsible for the “rug pull.”
A few days later, about two-thirds of the stolen funds were returned to ZKasino multi-signature wallets, as Derivative Monke publicly denied the rug-pulling allegations against X.
“We regret the spread of misinformation regarding the ZKasino_io project. We strongly reject FIOD and Binance’s claims that ZKasino committed a so-called ‘exit fraud’ or ‘rug pull,’” they wrote.
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