After receiving criticism from its users, Zkasino, a Web3 gaming company, has initiated actions to mitigate the complaints. On May 28, 2024, Zkasino’s leadership informed users that approximately 10,000 of them could regain their Ether tokens worth about $33 million through the established process.
Here’s a breakdown of the situation:
The Zkasino users who had invested Ethereum on the platform were earlier unable to withdraw tokens because of policy concerning tokens which were subject to change. This led to accusations of a “rug pull,” which is a crypto crime that refers to abusive conduct in an organization or venture.
Additionally, the CEO of Zkasino was said to have been taken into police custody on account of fraud, embezzlement, and money laundering. Cryptocurrencies worth $12.2 million were seized by the anti-piracy agencies during the operation.
Now, Zkasino is offering users the opportunity to bridge back their Ethereum tokens at a 1:1 ratio. This would increase the number of shareholders and reduce the proportion of ownership by big investors thereby bringing the ratio of the two to 1:1. However, there’s a catch: Those who would opt to bridge back their tokens will lose any future chances of earning ZKAS rewards.
The process of reimbursing ZKAS users who decide not to get converted into the new account has already been initiated. It allows users to register and create their first batch of bridge rewards for ZKAS. Although it achieves this, it will forfeit the remaining 14 months of ZKAS release.
Here’s how it works:
The ZKAS will be available to users in the Zkasino EVM Chain where players can collect their rewards and stake them in a smart contract under Zkasino authority. Signup will last for only 72 hours, please, register and make your deposit before this period ends.
Quite simply, the initiative of Zkasino is focused on mitigating customer concerns and offering them some explanations. It is progress in the quest to regain the social trust that was lost and give users a chance to recover their funds.
