ZKasino’s Alarming Embezzlement: 5,270 ETH and 11.5M DAI Manipulated for On-Chain Leverage Long ETH

On November 23rd, COINOTAG News reported a concerning development in the crypto space. According to on-chain data analyst Yu Jin, the ZKasino address has been implicated in diverting funds intended for user refunds. This activity coincided with an attempt to leverage the price of Ethereum (ETH) through substantial transactions. Specifically, the address initially deposited 5,270 ETH as collateral on the Aave platform, subsequently securing a loan of 11.589 million DAI. In a bid to amplify their trading position, ZKasino further increased their exposure by adding another 3,500 ETH to their leveraged position. Such actions raise serious concerns regarding the integrity of user funds and the potential implications for market stability, underscoring the need for enhanced scrutiny within the decentralized finance (DeFi) sector.