ZKasino Gives Users 72 Hours to Retrieve Their Ether

Users can bridge back deposited ether at a 1:1 ratio.
Those bridging back to Ethereum will forfeit their reward allocation.
More than 10,000 users deposited $33 million to ZKasino last month.

As an analyst with experience in the crypto industry, I find the recent development at ZKasino troubling. The announcement that users who want to bridge back their ether will forfeit their reward allocation is a significant departure from the initial promise made when they deposited their funds.Displeased users of Zkasino have been granted a 3-day period to redeem their ethereum (ETH), which they have been expecting to receive for more than a month now.

As a researcher studying the latest developments in cryptocurrency platforms, I came across an intriguing post by ZKasino. In this blog entry, they detailed how deposited Ether could be returned at a one-to-one ratio for users who opted out of the conversion process to their native token, ZKAS.

The post added that those bridging back to Ethereum will “forfeit their bridge reward allocation.”

I recently discovered that over 10,000 individuals deposited approximately $33 million in ether into ZKasino last month with the expectation of receiving ZKAS tokens upon completion of the bridging process. These deposits were based on the assurance that their original ether would be returned to them afterwards.

Yet, ZKasino announced that funds deposited by users would be transformed into ZKAS, surprising and displeasing them due to the lack of prior notification. Suspicion grew as it was discovered that ZKasino had transferred the approximately $33 million in deposits to staking platform Lido.

2024-05-29 15:40

ZKasino Gives Users 72 Hours to Retrieve Their Ether

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