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ZKasino scammer loses $27M as Ethereum price drops

Coin Telegraph LogoCoin Telegraph12h ago

ZKasino scammer loses $27M as Ethereum price drops - Coin Telegraph

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Related: Smart money still hunting for memecoins despite end of ‘supercycle’The ZKasino exit scamAfter being accused of running an exit scam, ZKasino said it initiated a 72-hour process to return funds to investors a month after transferring the $30 million of user funds to Lido.“We are now initiating the 2-step bridge back process in which bridgers can sign up and bridge back their ETH at a 1:1 ratio,” ZKasino said in a May 28, 2024, Medium post, adding that the team hasn’t given up on the project.

Source: Onchain Lens“A scammer gets a dose of karma,” Onchain Lens wrote in an April 7 X post, adding:“The ZkCasino scammer, who scammed $40M+, closed its $ETH (20x) position on #Hyperliquid, faced a total loss of $27.1M.”Following the liquidation, affected users appear no closer to recovering their funds.

On April 29, 2024, Dutch authorities arrested one of the people suspected to be responsible for the “rug pull.” A few days later, all bridged ETH was returned to the ZKasino multisig wallet as Derivative Monke publicly denied the rug pull allegations on X.

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Article Details

Author / Journalist: Cointelegraph by Zoltan Vardai

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-07 @ 13:31:33 (12 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 439 words

Reading Time: 3 minutes read

Sentences: 14 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 27654636

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News Last Updated: 7 hours ago

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