As a seasoned crypto investor with a few scars from past experiences, I’ve learned to stay informed and vigilant when it comes to new projects in the space. The recent turn of events at ZKasino has left me both puzzled and hopeful.
As a researcher, I’ve come across intriguing news regarding the cryptocurrency gambling project, ZKasino. Over $20 million in bridged Ether (ETH) have reappeared in their wallet, nearly three weeks after accusations of an exit scam surfaced among users. The sudden return of these funds adds a layer of complexity to the situation and raises questions about the platform’s founders.
As a crypto investor following the developments surrounding the ZKasino exit scam, I was thrilled to learn on May 9th that approximately $21 million in wstETH (wrapped Lido staking Ethereum) had been returned to the project’s multisignature wallet. This news, reported by an X feed, has sparked optimism among many affected investors, as it could potentially mean that we are one step closer to getting our funds back as originally promised.
“According to the $JAIL feed, one of the three suspected scammers has returned the funds to the initial multisign wallet address. Proof of these transactions can be found on Etherscan.”
Approximately two-thirds of the stolen 6,021 wstETH have been moved, raising the possibility that the thieves might be planning to reimburse the victims.
Starting on April 20, ZKasino debuted with a token airdrop of ZKAS for users who transferred Ethereum (ETH) to their platform. They assured participants that their original ETH would be returned post-event.
Instead of returning the promised $33 million back to users after the gambling project, it was redirected towards Lido Finance’s staking protocol for Ethereum instead.
The actions taken resulted in allegations of a deceitful exit or withdrawal of funds, as over 10,000 individuals had transferred assets relying on promises from the protocol which they believe were subsequently breached.
A 26-year-old man was taken into custody by Dutch law enforcement on April 29, under suspicion of involvement in the purported ZKasino scam.
Approximately $12.2 million in cryptocurrencies, real estate, and high-end vehicles were confiscated from the suspect by the authorities.
In cryptocurrency circles, there were rumors that the apprehended individual might be none other than “Derivatives Monke,” the project founder whose true identity was uncovered as Elham Nourzai by diligent blockchain investigators.
The Binance on-chain investigation team’s crucial work contributed to the apprehension of a suspect by law enforcement on May 8, as reported by CryptoMoon.
Binance took action by freezing substantial amounts of stolen cryptocurrency from the hacker’s accounts upon receiving a seizure warrant from the authorities.
In spite of the recent arrest, it seems that unlawful funds are still being transferred within the blockchain network, suggesting that there might be other criminals involved in the attack. Nevertheless, a recent transfer of funds back to the project’s multisig wallet has given some optimism to victims.
In April, approximately $25.7 million in cryptocurrency was stolen through scams and hacking activities, excluding the ZKasino incident, as reported by the data from CertiK, a leading on-chain intelligence firm.
According to the firm that began monitoring the data in 2021, this is the lowest figure recorded historically up until now.
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2024-05-09 08:04