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ZKasino, the controversial cryptocurrency platform, announced that it will refund the money deposited to investors. The platform, which was accused by Dutch authorities of disappearing with approximately $30 million in user deposits last month, stated that investors can apply to get their funds back.
In a blog post today, ZKasino announced that it has introduced a “2-step backbridge process” where investors can sign up and get their Ethereum (ETH) back at a 1:1 ratio. The move follows the arrest on May 3 of a 26-year-old man on suspicion of fraud, embezzlement and money laundering in connection with ZKasino.
Dutch authorities reportedly seized various assets worth €11.4 million, including real estate, a luxury car and various cryptocurrencies. However, ZKasino's sudden turnaround and lack of communication with Dutch authorities raised questions about the legitimacy of the offer.
Investors also expressed skepticism. “They can send back all our ETH without playing these games,” an investor known as Mick1794 said in the ZKasino Legal Task Force Telegram group.
Adding to the urgency, ZKasino gave investors a narrow 72-hour window to sign up for the refund of their deposits. At the end of this period, registrations will be closed and deposits will be stopped. This short time frame may cause many investors who believe their funds to be lost to miss the opportunity to get their deposits back.
In early March, the platform and its founders announced a program called Bridge-to-Earn, which offers users the chance to temporarily lock their ETH to earn rewards. However, when the refund time came a month later, ZKasino suddenly changed the rules and withheld deposits worth approximately $30 million. This action led to accusations from both investors and Dutch officials that ZKasino was fleeing funds.
However, the post made no mention of the ETH staking rewards that ZKasino earns from user deposits. Onchain records show that shortly after ZKasino's Bridge-to-Earn program ended on April 20, investors converted their ETH into Lido's Wrapped Staked Ether. With the current Lido staking yield of 3.3% and Ether's recent rally, staking rewards generated by ZKasino are estimated to be worth over $100,000.
*This is not investment advice.