TL;DR
- ZKasino opens a 72-hour window for investors to recover their deposited ETH.
- Investors must return their ZKAS tokens to claim their ETH at a 1:1 rate.
- The move follows allegations of a $33 million “rug pull” in April.
ZKasino, a blockchain-based gambling project, has announced a process for investors to recover their deposited Ether (ETH), after being accused in April of conducting a $33 million rug pull.
This initiative, called the “2-step return bridge process”, allows investors to claim their ETH at a 1:1 rate by returning their initially received ZKasino (ZKAS) tokens.
The period to register for this process is 72 hours, from May 28 at 14:00 UTC to May 31 at 14:00 UTC.
Investors must use the original ETH deposit address from which they received their ZKAS rewards to sign up.
Signing up involves depositing the entire ZKAS balance into a smart contract controlled by ZKasino, although part of the ZKAS can be used to pay gas fees.
Importantly, by signing up, investors waive any future release of ZKAS for the next 14 months.
ZKasino has provided a signup page (signup.zkasino.io) that will automatically connect users to the ZKasino network and check if they are using the original address.
In case investors have moved their ZKAS prior to this announcement and are unable to use the original address, they are requested to contact via email [email protected].
After the registration period closes, data will be collected and shared publicly for verification.
Subsequently, a claim portal will open where investors can claim their ETH.
New developments and future of the ZKasino project
Following data verification, a claim portal will open allowing investors to claim their ETH from a new audited bridge contract on the Ethereum mainnet.
ZKasino has also announced that it will introduce a new tokenomics model in the near future.
This model will include an allocation for investors who decide to claim their ETH, thus ensuring a healthy distribution of the ZKAS token among the project’s early supporters.
ZKasino‘s decision to open this refund period follows a tumultuous month of accusations and arrests.
In April, the project was heavily criticized for not returning investors ETH as initially promised when the network went live, instead sending $33 million to Lido for staking.
These actions led many to accuse the platform of running an exit scam.
