ZKasino Gives Users 72 Hours to Retrieve Their Ether

The on-chain casino received $33 million in deposits last month.

AccessTimeIconMay 29, 2024 at 12:30 p.m. UTC
Updated May 29, 2024 at 4:59 p.m. UTC
  • Users can bridge back deposited ether at a 1:1 ratio.
  • Those bridging back to Ethereum will forfeit their reward allocation.
  • More than 10,000 users deposited $33 million to ZKasino last month.
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  • Aggrieved users of Zkasino have been given a 72-hour window to bridge back their ether (ETH) after waiting for over a month.

    In a blog post, ZKasino explained that deposited ether can be bridged back at a 1:1 ratio for those who do not want to participate in the conversion to ZKAS, the platform’s native token.

    The post added that those bridging back to Ethereum will “forfeit their bridge reward allocation.”

    Last month, more than 10,000 users deposited $33 million worth of ether to ZKasino to earn ZKAS. The deposits were made on the premise that the ether would be “returned" once the bridging period was complete.

    However, ZKasino then stated that all deposited funds would be converted to ZKAS, leaving users dismayed over the undisclosed conversion. Speculation mounted further after as on-chain data revealed that ZKasino had sent the $33 million worth of deposits to staking platform Lido.

    Edited by Parikshit Mishra.

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    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.