Users have raised concerns about ZKasino, a cryptocurrency betting platform, expressing doubts about its trustworthiness based on their experiences.
The buzz around ZKasino’s authentic Telegram channel adding to the confusion is that it has supposedly been banned. However, crypto.news reported that the account remains functional.
ZKasino hasn’t responded to requests for comment.
Concerns were raised significantly after it was disclosed that ZKasino’s deposit wallet contained approximately 10,500 Ether (ETH), equating to roughly $32 million. This discovery has prompted inquiries regarding the platform’s financial dealings and management methods.
The relevance of this matter has increased significantly due to past suspicions of deceit against the ZKasino group, as pointed out by Kedar Iyer in a Reddit post. These doubts have been fueling a rising sense of mistrust towards ZKasino.
Based on Iyer’s report, the ZKasino team allegedly withheld payment from several past contractors and workers for completed projects on the platform.
ZKasino’s crypto betting platform is under scrutiny right now. Users are having trouble withdrawing their funds. The Telegram channel for official communications has been shut down. The Ethereum address for ZKasino (0x91…Be45) holds approximately 10,500 ETH, which equates to around US$32 million. In the past, ZigZag published an article alleging wrongdoings against ZKasino.— Wu Blockchain (@WuBlockchain) April 20, 2024
In the social media update, Iyer publicly accused ZKasino’s creators of misappropriating funds intended for ZigZag frontend developers and using them instead for the development of ZKasino.
Iyer additionally asserted that the ZKasino leaders, specifically Derivatives Monke, were in charge of the fundraising efforts for ZigZag and successfully amassed $15 million. This money was then transferred to ZKasino’s control.
Furthermore, crypto reporter Colin Wu brought attention to an update in ZKasino’s bridge interface and revealed a potential issue: the absence of a significant statement regarding the returning and transferring of Ethereum funds.
Users were concerned after discovering this change, as recorded by the Wayback Machine, raising questions about the platform’s openness, intentions, rules, and operations.
MEXC exchange has made things more complicated by delaying the addition of ZKasino’s token, ZKAS, to its platform, as well as halting withdrawals and deposits for this cryptocurrency.
MEXC announced that they would restart ZKAS listings and withdrawals at an undisclosed time in the future. The cause for suspending ZKAS listing wasn’t explicitly mentioned by MEXC, but this decision has prevented users from accessing their funds or utilizing the betting platform as originally planned.
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2024-04-20 19:14