ZKasino’s New 72-Hour “2-Step Bridge Back Process” for Investor Fund Returns

ZKasino Initiates Refund Process

ZKasino, a blockchain-based gambling project, has taken steps to address the allegations of a $33 million “rug pull” by initiating a 72-hour “2-step bridge back process” to return funds to investors.

Refund Process Details

• ZKasino announced the initiation of the refund process on May 28.
• Investors can participate in the 2-step bridge back process with a 1:1 ratio for bridging back their Ethereum (ETH).
• The refund process requires “bridgers” to send back their complete ZKasino (ZKAS) token balance from the original address where they initially invested their Ether.
• After a data verification process, a claim portal will be opened to facilitate the refund.

Concerns and Reactions

Some investors have raised concerns about the chosen 72-hour window for the bridge back process, while others have expressed skepticism regarding the sign-up page, fearing it may be a potential wallet drainer or scam.

ZKasino’s Previous Challenges

ZKasino faced severe criticism last month when it failed to fulfill its promise of returning investor ETH after the network went live. Instead, approximately $33 million worth of investor and user funds were sent to Lido for staking.

Recent Industry Update

The cryptocurrency industry experienced a major downturn in combined losses from hacks and scams in April. The month saw the lowest combined losses from crypto-related hacks and scams since 2021, with approximately $25.7 million lost to exploits, hacks, and scams.

Key Statistics

• Flash loan attacks accounted for $129,000 in losses.
• The largest incident caused $55,000 in damages.
• $4.3 million was lost to exit scams.
• The first quarter of this year has seen $336 million lost to Web3 hackers and fraud.