ZKasino, the Ponzi scheme, announces a limited-time return of ETH; users must forfeit ownership of ZKAS tokens.

The gaming project ZKasino promised users in April that they would receive ZKAS tokens after cross-chain staking ETH. However, after the event, they deleted all descriptions on the platform about returning ETH. The staked ETH of users was converted to ZKAS at a discounted rate of 0.055 USD, and was forcefully locked up for over 15 months. However, ZKasino announced on the 28th evening that users would have three days to withdraw their ETH.

ZKasino Scam: Users' staked ETH turned into buying tokens, forced to hold and lock ZKAS for a year

ZKasino Limited Time Return of ETH

According to the announcement from ZKasino source, the official platform is initiating a two-step cross-chain process. For users who do not wish to participate in the "pledge ETH for ZKAS" program, they can deposit the initial ZKAS cross-chain rewards for registration and get a 1:1 return of the originally pledged ETH.

However, after registration, users will be forfeiting the ZKAS rewards for the next 14 months. Users can register from 22:00 on May 28th to 22:00 on May 31st (Taiwan time).

ETH Claim Portal Opens on 5/31

The current registration process will continue for 72 hours. After 3 days, the registration and ZKAS deposit functions will be closed. ZKasino will then collect and verify user registration data before opening the ETH claim portal.

For cross-chain users who cannot use the original registration address, they can contact the team via email: [email protected].

New Token Economics

ZKasino claims it will release a new token economic model, including distributing ZKAS to the cross-chain participants who choose to return ETH. This is to ensure that ZKAS tokens are more widely distributed.

The specific reasons behind ZKasino's sudden decision to return ETH to users are unclear. The Dutch authorities arrested a man related to ZKasino on May 3rd, seizing various assets worth 11.4 million euros and alleging ZKasino to be a scam.

However, the exact factors that prompted ZKasino's hasty change remain unknown.

Suspect behind ZKasino Fraud Case Arrested in the Netherlands, Binance Assists in Investigation

ZKasino's extravagant actions have drawn heavy criticism from the crypto community. Online detective ZachXBT previously listed multiple "crimes" of ZKasino's founder, Derivatives Monke.

This even caught the attention of Ethereum founder Vitalik Buterin, who believes that the term "ZK" has become a market buzzword, seemingly mainstream enough to be a keyword used in fraudulent schemes.

Vitalik: ZKasino Essentially Has No ZK, Just Gimmicks