$33 202 000 USD

APRIL 2024




"Welcome to ZKasino, a revolutionary decentralised, crypto betting platform and blockchain casino:


Decentralised: all contracts are verified on the blockchain, all outcomes are provably fair and on-chain verified by VRFs, there are no sign-ups to or deposits into a centralised entity.


Crypto betting: all wagers are placed in cryptocurrencies directly through Web3-wallets;


Platform: a general betting platform for any type of betting, such as casino games, PvP games and sports betting.


ZKasino aims to be the most fair and transparent platform with the lowest house edge compared to all other betting platforms."


"ZKasino's bridge mechanism stands out by offering participants the chance to earn ZKAS tokens as they contribute to the ecosystem's liquidity. Drawing from the Blast model with a limited timer, this initiative not only facilitates the transition to the ZKasino network but also rewards early participants generously."


"We care about you and are here to protect you. If you are a vulnerable player, if you struggle with addiction or if you're running into issues because of gambling, we are here to help."


"The is better than a presale. Our


"The shady history of the founder should have raised concerns about his ability to lead a legitimate project like ZKasino successfully.


However, investors and users seemingly overlooked or ignored these warning signs about the founder's past.


Furthermore, there were allegations of unpaid employees and contractors, as well as claims of mismanagement from sources like ZachXBT.


These reports hinted at potential issues within the ZKasino team and operations, which should have prompted further scrutiny and due diligence from those considering investing or participating in the platform.


ZKasino made inflated claims about using advanced technologies like zkSync, when in reality, the platform was simply running on the more basic Arbitrum network."


"Despite red flags like abruptly canceled token listings, shady team responses, pumped tech claims, and unpaid employees/contractors, ZKasino still managed to raise a massive war chest."


"To begin with, most notably, their CEO promised to reward users with $ZKAS tokens (farm), who deposited their $ETH > and with the possibility to withdraw their initial staked $ETH on a 1:1 ratio"


"Secondly, without any proposal and asking the community - Zkasino converted all deposited $ETH to $ZKAS tokens with 5% unlock on TGE and 15-month vesting (which has never been mentioned before)" "10 515 ETH (~$33M) were stolen and deposited to Lido"


"In the end, protocol went dark on every communicational channel such as Telegram (CLOSED) & Discord (users who ask/complain about that fraudulent activity are muted instantly)"

ZKasino was building an online crypto-betting platform. To build up liquidity for their protocol, they offered that users who deposited ethereum into a bridging contract could receive a return in ZKAS tokens, plus be able to withdraw their ethereum after 30 days when the protocol launched. Rather than allow the withdrawals, the administrators took the ethereum and deposited it into Lido. The bridging website was taken offline and complainers were removed from the various social media channels.

Sources And Further Reading

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