The ZKasino Refund Plan Sparks Controversy

The decentralized betting platform ZKasino recently announced the launch of the ETH bridging refund process for users who do not participate in the ZKAS token conversion. The platform previously attracted approximately $33.2 million in ETH through a bridging rewards campaign. However, the details of this refund plan have raised numerous questions within the community.

ZKasino completed its Series A financing in March this year with a valuation of $350 million, but then fell into a series of controversies. Some investors denied participation in the investment, users found it impossible to withdraw funds, and multiple people accused the project team of defaulting on payments or being involved in fraud. The co-founder of Ethereum also pointed out that ZKasino has not actually implemented any zero-knowledge proof technology.

In early May, Dutch authorities arrested a 26-year-old man on charges of fraud, embezzlement, and money laundering, believed to be connected to the ZKasino scam. Authorities seized cryptocurrencies, real estate, and luxury cars valued at over $12.2 million.

In this case, ZKasino announced a refund plan, but its details sparked controversy again:

1. The registration time is only 72 hours, and all are working days, which may cause many users to miss opportunities.

2. Users need to use the original ETH bridge deposit address for registration and return ZKAS to the smart contract.

3. The announcement did not mention the staking rewards generated from user deposits, estimated to exceed $100,000.

4. The refund process lacks a clear timetable, including specific dates for data collection, verification, and the final refund.

Although ZKasino insists that its operations are legal, legal issues and investor doubts remain unanswered. The crypto community is closely watching whether ZKasino will fulfill its promises or if further complications will arise.