ZKasino Crypto Gambling Project Fails to Refund ETH, Silent for Over 2 Months
CryptoNewsTerminal Staff14 Aug, 2024
ZKasino Crypto Gambling Project Fails to Refund ETH, Silent for Over 2 Months
As reported by Cointelegraph, the ZKasino cryptocurrency gambling project, which had previously announced plans to refund Ethereum (ETH) following accusations of a rug pull, has remained inactive for over two months without releasing user funds. On May 29th, ZKasino claimed that users who did not wish to receive the project's native ZKAS token would be reimbursed with ETH raised during its ICO, and that the funds were being held in a multi-signature wallet. However, no such transactions have been initiated, leaving investors in the dark. Previously, ZKasino faced allegations of a rug pull, a form of fraud where developers abandon a project and vanish with investors' funds. The project's silence and lack of action regarding the promised refunds have further fueled these concerns. The situation highlights the risks associated with investing in cryptocurrency projects, particularly those that lack transparency and accountability. Investors are advised to exercise caution when dealing with such projects and to thoroughly research before committing any funds.
