As of May 9, Etherscan data indicated that ZKasino’s team wallet held approximately 10,531 staked Ether (stETH) from Lido, valued at around $31.4 million based on current market prices. These funds were transferred to private wallets allegedly controlled by at least one founder of the project, following observations by users that withdrawals were disabled.
It was disclosed that Binance collaborated with law enforcement to track the funds. Assistance from the crypto exchange facilitated the Dutch Fiscal Information and Investigation Service (FIOD) in apprehending a suspect towards the end of the previous month.
Following the arrest of an unnamed suspect, FIOD agents confiscated assets, including a luxury automobile valued at $12 million. Despite the arrest, ZKasino’s funds continued to be transferred on-chain, leading to speculation that multiple individuals might be involved in what many are calling an exit scam, known as a rug pull in the crypto community.
ZKasino Denies Binance “FUD” Allegations
Following the revelation of the news and the sudden return of funds to the ZKasino multi-signature wallet, a developer known only by their pseudonym, linked to the project, rebutted assertions made by both Binance and the broader cryptocurrency community. Operating under the alias “Derivatives Monke” on X platform, they emphatically declared the allegations as “inaccurate and detrimental to the reputation of ZKasino.”
We would like to assure everyone that we will continue our best efforts like we have for the past 3 years and that we will continue making the project succeed.
Derivatines Monke refutes Binance claims
The statement sparked strong criticism from users and observers, who accused the cryptocurrency betting platform of betraying the trust of its over 10,000 users.
On-chain analytics provider Nansen also questioned Derivatives Monke about the timing of the asset movements, particularly during the Eigenlayer airdrop saga, and their subsequent return following an arrest in the Netherlands.
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