Users of ZKasino, a well-known cryptocurrency betting site, have been unable to withdraw their money, which has raised concerns about the platform’s dependability.
Allegations of Misconduct and Operational Concerns
Users are now apprehensive about the platform’s future and operations due to the suspension of ZKasino’s official Telegram channel, which has exacerbated this trend.
Concerns have escalated following the discovery that ZKasino’s funding wallet possesses an impressive 10,500 Ether (ETH), worth approximately $32 million. This has sparked debate about the platform’s handling of finances and operational strategies. The situation is further complicated by previous claims of deceptive practices against the ZKasino team. These claims, brought to light in a post by ZigZag’s Kedar Iyer on platform X, have fueled increasing skepticism towards ZKasino.
The matter has gained significance in light of past claims of deceit involving the ZKasino team. Such claims, as pointed out in a post on X by ZigZag’s Kedar Iyer, have fueled an increasing skepticism towards ZKasino. Iyer asserts that ZKasino’s team members cheated numerous ex-contractors and employees, failing to compensate them for their contributions to developing the platform.
Iyer alleged that the founders of ZKasino, notably someone known as Derivatives Monke, were overseeing the fundraising efforts for ZigZag, successfully securing $15 million. This amount was then diverted to addresses under ZKasino’s control.
The Wayback Machine’s documentation of this change raised concerns among users regarding the platform’s openness, intentions, rules, and practices.
In addition, the cryptocurrency exchange MEXC has decided to delay the introduction and withdrawal of ZKasino’s native token, ZKAS, affecting deposits in ZKAS as well. MEXC has indicated it will notify when the listing and withdrawals of ZKAS will resume, though it hasn’t provided a specific reason for the halt. This action by MEXC has left users in a position where they cannot access their funds or utilize the gambling platform as they had expected.
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