The developers of the ZKasino project presented a DAO management model for ZKAS token holders.
The project team recently announced some changes to their governance structure. Previously criticized developers, responsible for a controversial incident resulting in a $32 million loss, are now planning to introduce a Decentralized Autonomous Organization (DAO) system for managing the ZKasino network.
Excitedly, we announce the next step in $ZKAS’s journey: introducing Decentralized Autonomous Organization (DAO) governance for ZKasino chain via Snapshot Labs.
— ZKasino (@ZKasino_io) April 22, 2024
The project team believes that implementing the DAO governance model is a major move toward making ZKasino as decentralized as it can be.
DAO (Decentralized Autonomous Organization) has been suggested for various applications. For instance, it could be utilized to modify the terms of gaming contracts, launch new games, foster community projects, and implement platform enhancements.
Considering the current doubts, building trust among our ZKasino community is our greatest concern.
ZKasino team
Beforehand, there were allegations that ZKasino had deceitfully transacted with users. The team amassed a total of 10,515 Ether, subsequently shut down their Telegram channel, and prevented access to user fund withdrawals.
According to Etherscan’s records, over $32 million worth of user assets were moved to another wallet and subsequently forwarded to Lido Finance for liquid staking.
Regarding the recent event, MEXC cryptocurrency exchange chose to abandon the scheduled listing of ZKAS project’s native token. Similarly, Ape Terminal announced the termination of their initial coin offering for the same project. Additionally, venture capital firm Big Brain Holdings has clarified that they did not invest directly in ZKasino.
In 2022, Big Brain Holdings put money into the Zigzag Exchange initiative, leading to financial setbacks for us. It seems that some of the original founders of this project are now involved with ZKasino.io, which raises concerns about its legitimacy. However, we have never invested in ZKasino.
— Big Brain Holdings (@BigBrainVC) April 21, 2024
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2024-04-22 20:56