As a seasoned crypto investor, I’ve seen my fair share of scams and fraudulent schemes. The latest one, ZKasino, is particularly troubling because it managed to attract thousands of investors in just a few days, promising substantial returns within 30 days, which was never fulfilled.
On the 29th of April, I came across information suggesting that a man was taken into custody by Dutch law enforcement due to his alleged involvement in the fraudulent dealings surrounding the ZKasino online gambling platform.
In the course of the operation, officials seized property worth around 11.4 million euros (roughly $12.2 million) in total, which encompassed cryptocurrencies, real estate, and high-end automobiles.
Dutch Authorities Seize Millions in Assets
Based on a report from the Fiscal Information and Investigation Service (FIOD), a 26-year-old man was taken into custody for alleged involvement in a fraudulent scheme. The case, which has reportedly swindled over $30 million in cryptocurrency from victims around the globe, includes accusations of fraud, embezzlement, and money laundering.
An individual, whose name has yet to be revealed, was taken into custody on April 25 as part of an ongoing probe into suspicious actions at ZKasino. The investigation was initiated following allegations made on social media X and intelligence collected by Financial Intelligence, Operations and Inspections Departments (FIOD).
This platform, advertised as a blockchain-based gambling site, lured investors with enticing guarantees of significant profits within a month. However, those expectations went unmet.
The FIOD’s report revealed insights into the suspected methods of the accused individuals, implying that this could be a case of a “bait and switch” scam. Based on the Dutch investigation, there were indications that the platform’s smart contract was designed to deceive investors by withholding their returns.
Experts conducted a search at a suspected individual’s premises, taking hold of electronic storage devices and possessions worth more than 11.4 million euros in total. Among the seized items were high-end vehicles, real estate holdings, and diverse cryptocurrencies.
As a crypto investor, I’ve heard about a recent development in an ongoing case where a suspect was apprehended. After being presented before a magistrate, I understand that the judge granted an extension of the suspect’s detention for a fortnight. This action was taken to provide more time for investigators to delve deeper into the matter at hand.
The ZKasino Scam
On April 20th, our platform debuted, welcoming over 10,000 investors who collectively invested approximately 10,515 Ether. However, a notable on-chain transaction raised eyebrows among investors. ZKasino transferred the entire 10,515 ETH to the Lido staking protocol on that day.
Users noted some modifications to the ZKasino platform’s website, such as the elimination of a statement reassuring investors about the ETH return. This deletion fueled suspicions further, as ZKasino declared in a March post on X that they had successfully completed a Series A investment round worth $350 million. Notable backers included crypto exchange MEXC and venture firm Big Brain Holdings, among others.
In 2022, Big Brain Holdings made an investment in Zigzag Exchange, a venture that later brought about financial setbacks for our company. It has since been discovered that some of the original founders of that questionable project have joined forces with ZKasino.io, raising concerns about its authenticity and potential fraudulent activities.
We have never invested in ZKasino…
— Big Brain Holdings (@BigBrainVC) April 21, 2024
As a researcher looking into investments made by Big Brain Holdings, I came across information stating that they had initially received an offer for token distribution from ZKasino. However, upon further investigation, Big Brain Holdings clarified that they hadn’t actually invested in the platform and expressed concerns over its potential fraudulent nature.
As a cryptocurrency analyst, I’ve come across some intriguing information. Although the real identity of the suspect is still uncertain, there are whispers in the community that it could be Derivatives Ape, an anonymous user on the X platform. This speculation was brought up in a post on March 3 by another well-known crypto analyst named FatMan.
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2024-05-03 23:25