CryptoIntelligence
2024-04-25 01:33:00

ZKasino Faces Backlash for Misusing $33 Million in User Funds, Sparking Fraud Allegations and Investor Outrage

The blockchain gambling platform ZKasino has faced significant criticism after diverting $33 million in investor and user funds to the staking protocol Lido. This move, disclosed in a blog post on April 20, deviated sharply from the initial promise to return these funds. According to ZKasino’s announcement, its network had successfully launched, attracting over 10,000 users who transferred a total of 10,515 Ether in exchange for the platform’s native ZKasino (ZKAS) tokens. Contrary to expectations, the platform converted the bridged ETH to ZKAS tokens at a “discounted rate of $0.055” on a 15-month vesting schedule, a change from the original

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.