ZKasino's refund promise arouses community doubts, and the cryptocurrency community pays close attention to the development of the incident

The community was suspicious of the lack of direct communication with Dutch authorities and the sudden offer of refunds.

The recently controversial DeFi platform ZKasino claimed that it would return stolen funds to investors in an equal amount (1:1 ratio).

Dutch authorities recently accused the platform of stealing $30 million from user deposits, stating in a May 28 blog post that investors could get their money back through a newly introduced "two-step back-to-bridge process." Ethereum (ETH).

The statement follows the arrest in early May of a 26-year-old Dutch man suspected of being linked to ZKasino on charges of fraud, misappropriation of funds and money laundering. According to reports, this man is the actual operator of the ZKasino Developer X account using the pseudonym "Derivatives Monke".

Dutch authorities have seized assets worth €11.4 million, including real estate, a luxury car, and various cryptocurrencies.

Social skepticism remains high

Although ZKasino promised to issue refunds, investor trust is still not high. The lack of direct dialogue with Dutch authorities and the unexpected refund offer left community members with many questions.

Most suspiciously, the platform set a time limit of just 72 hours for investors to sign up for the refund process. Some have raised concerns that such a tight time frame could prevent many people from getting their deposits back, and they suspect it could be a ploy to further defraud people of their money.

The platform did not mention the staking rewards generated from user deposits in the blog post. According to on-chain records, after the Bridge-to-Earn program was terminated, ZKasino converted investors’ Ethereum (ETH) into Lido’s Wrapped Staked Ether (stETH).

Taking into account the current Lido staking yield of 3.3%, coupled with the recent increase in the price of ETH, it is estimated that the staking reward generated exceeds 100,000 US dollars.

Some community members have questioned the platform’s approach of not returning Ethereum directly, but requiring them to go through another process.

Other community members expressed doubts about the authenticity of the blog post and its associated social media posts, questioning how Derivatives Monke was able to tweet about refunds while in prison.

Zkasino Fraud Case

ZKasino’s controversy began in March when it launched its “Bridge-to-Earn” project, promising users rewards if they temporarily locked up Ethereum (ETH).

However, when the redemption period came in April, ZKasino withheld approximately $30 million in deposits, leading to accusations of alleged fraud from investors and Dutch authorities.

ZKasino maintains that its operations are legal, but ensuing legal disputes, investor concerns, and recent refund announcements have left many questions unanswered.

As the 72-hour deadline approaches, the cryptocurrency community is closely watching whether ZKasino will fulfill its promise or if further complications will arise.

Conclusion:

The development of the ZKasino incident has attracted widespread attention, especially within the cryptocurrency community. Although the platform promised refunds, the community was skeptical of its authenticity and reliability due to a variety of factors, including a lack of direct communication with Dutch authorities, the suddenness of the refund process, and time constraints.

Additionally, issues involving the handling of funds and unexplained staking rewards further exacerbated investor unease. As the deadline for refund applications approaches, all eyes are on whether ZKasino can deliver on its promises, and whether this incident will reveal more unknown complications.

This case once again reminds cryptocurrency investors to be extra cautious when participating in DeFi platforms, especially when it comes to capital locking and return commitments.

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