ZKasino (ZK) Introduces 72-Hour “2-Step Bridge Back Process” to Securely Return Investor Funds

• 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.
• In a Medium post on May 28, ZKasino announced the initiation of the refund process, allowing investors to participate in the 2-step bridge back process with a 1:1 ratio for bridging back their Ethereum (ETH).
• “The ZKasino team is still working hard to make the project successful. We again want to assure everyone that we are here to deliver and continue our best efforts.”

ZKasino initiates a 72-hour refund process to address $33 million rug pull allegations, aiming to restore investor confidence.

ZKasino Refund Process Sparks Concern

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. However, investors who choose to receive their ETH back will forfeit any allocated ZKAS tokens and the remaining 14 months of the ZKAS release.

Investor Skepticism and Safety Concerns

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. It is worth noting that the Medium post announcing the refund process was not shared by ZKasino’s official account but rather by the ZKasino builder known as “Derivatives Monke,” who has been at the center of the controversy.

April Records Lowest Crypto Hack Losses

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. More specifically, only $25.7 million was lost in attacks throughout the month, marking the lowest amount since CertiK began tracking such data in 2021.

Flash Loan Attacks and Exit Scams

Flash loan attacks accounted for $129,000 in losses, with the largest incident causing $55,000 in damages. This marked the lowest incidence of flash loan attacks since February 2022, and $4.3 million was lost to exit scams. As reported, the first quarter of this year has seen $336 million lost to Web3 hackers and fraud, with nearly half of the capital stolen in January alone.

Conclusion

The ZKasino refund process has sparked a mix of hope and skepticism among investors. While the initiative aims to restore investor confidence, concerns about the process’s safety and transparency remain. Meanwhile, the broader cryptocurrency industry has seen a significant reduction in hack-related losses, indicating a potential improvement in security measures. Investors are advised to stay vigilant and informed as the situation unfolds.