Recently, a decentralized betting platform called ZKasino has come to the fore with allegations of fraud in the altcoin community. These allegations began with a platform called ZigZag Exchange claiming that the developers of ZKasino were using funds collected from investors for their personal use. In addition to ZigZag’s claims, some users are reporting that they are unable to withdraw their bridged Ethereum from the platform, and the platform’s official Telegram account has also been banned. ZKasino rejects these claims, describing them as FUD (fear, uncertainty, doubt). He also argues that the delays are due to technical reasons. In this news, we will examine the details about ZKasino fraud allegations, the platform’s defense and the latest developments.
There are allegations of fraud at ZKasino
Recently, a decentralized betting platform called ZKasino came to the fore with allegations of fraud in the crypto community. The accusations against ZKasino include:
- Theft of Investor Funds: A platform called ZigZag Exchange claims that ZKasino’s developers used funds collected from investors for their personal use. ZigZag also claims that a $40 million ecosystem fund from ZKasino is fake and will never be paid to investors.
- Preventing Bridged Ethereum Withdrawal: Some users are reporting that they are unable to withdraw their bridged Ethereum from the platform.
- Non-Payment to Developers and Contractors: Former employees and contractors of ZKasino claim that they have not been paid their salaries.
- False Statements: It is also claimed that ZKasino made false statements about its funding and number of investors.
MEXC cancels altcoin listing
These claims caused great repercussions in the crypto community. MEXC exchange has canceled the listing of the ZKasino token (ZKAS). Other platforms such as Ape Terminal are also monitoring the situation closely. The official Telegram account of the platform was also banned. ZKasino rejects these claims, calling them FUD (fear, uncertainty, doubt).
The platform argues that the delays are due to technical reasons and that the ZKasino network will still be operational. ZKasino said:
ZKasino network will continue broadcasting; postponed due to stock market listings
$32 million worth of ETH is in danger
Its initial promise led to significant fundraising success, as evidenced by on-chain data showing that the deposit address used for the campaign accumulated more than 10,500 ETH, reaching a total of nearly $32 million. Allegations of fraud against ZKasino have not yet been proven. However, the negativity around the platform and users’ withdrawal problems are worrying. It is important for investors to do detailed research and consider the risks before investing in ZKasino.
As a result, there is currently not enough information to give a clear answer as to whether ZKasino is a scam or not. The developers of the platform have denied the claims of ZigZag Exchange and other users and maintain that the ZKasino network will still be operational. Cryptocurrency investments always carry risks, and it is important for investors to be alert for signs of fraud. Conducting research from independent sources and limiting the amount invested can help preserve funds.
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