The Zkasino team announced on May 28 that it had initiated a two-step bridge back process, allowing users to retrieve their ethereum tokens. Users have between May 28 and May 31 to bridge back their funds, after which the signup process will be closed, and deposits will be halted.
Web3 Gaming Platform Zkasino Kickstarts Process Enabling Users to Retrieve Ethereum Tokens
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Rug Pull Allegations
The team behind the Web3 gaming platform Zkasino announced on May 28 that it was initiating a two-step bridge-back process. Under this process, approximately 10,000 Zkasino users who had deposited Ethereum worth around $33 million can “bridge back” their ETH at a 1:1 ratio.
The announcement by the Zkasino team came nearly a month after the Web3 gaming platform was accused of altering its token redemption policies. This alteration reportedly resulted in users being unable to reclaim their bridged ETH as initially promised, leading to accusations of a “rug pull.”
At the beginning of the month, Dutch law enforcement reportedly arrested the Zkasino CEO on charges of fraud, embezzlement, and money laundering. During the operation that led to the CEO’s arrest, law enforcement agents also seized assets including cryptocurrencies valued at $12.2 million.
Signing up Users Forfeit Future ZKAS Rewards
Meanwhile, the Zkasino team explained in a statement that the process to reimburse bridgers who choose not to participate in the ZKAS conversion had already begun. The statement also warned that users who opt to bridge back that doing so would result in forfeiting future ZKAS rewards.
“Bridgers can sign up by depositing their first received batch of ZKAS bridge rewards. Signing up forfeits the remaining 14 months of ZKAS release. Bridgers have 72 hours (28 May 14:00 UTC — 31 May 14:00 UTC) to sign up,” the Zkasino team said.
The team revealed that bridgers can access their respective ZKAS rewards on the Zkasino EVM Chain, which they will have to deposit onto a smart contract controlled by Zkasino. After three days, the signup process will be closed, and deposits will be halted.
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