Cryptocurrency betting platform ZKasino is currently under scrutiny as users encounter difficulties with withdrawals, casting doubts on the platform’s reliability and integrity. Amidst the growing concerns, rumors circulated regarding the banning of ZKasino’s official Telegram channel. However, recent investigations by crypto.news confirmed that the account remains active, adding to the confusion surrounding the platform’s status.

Silence from ZKasino

Despite mounting inquiries, ZKasino has remained silent, failing to address users’ concerns or provide clarification on the withdrawal issues.

The revelation that ZKasino’s deposit wallet holds a significant amount of 10,500 Ether (ETH), valued at approximately $32 million, has raised questions regarding the platform’s financial practices and management.

Previous Allegations of Fraud

Accusations of fraud against the ZKasino team have resurfaced, with allegations made by ZigZag founder Kedar Iyer. According to Iyer, members of the ZKasino team defrauded former contractors and employees by misappropriating funds intended for development.

Iyer’s claims suggest that funds raised for ZigZag were redirected to ZKasino-controlled addresses, implicating ZKasino founders, particularly Derivatives Monke, in managing and redirecting fundraising activities.

Concerns Over Transparency

Crypto journalist Colin Wu highlighted changes to ZKasino’s bridge interface, specifically the removal of a crucial sentence regarding the return and bridging of Ethereum funds. This alteration has raised concerns about the platform’s transparency and adherence to established procedures.

Listing Suspension by MEXC

Cryptocurrency exchange MEXC has announced the postponement of ZKasino’s native token, ZKAS, listing and withdrawals, citing unspecified reasons. This decision has left users unable to access their funds or utilize the platform’s services as intended.

In summary, ZKasino’s recent withdrawal issues, coupled with allegations of fraud and concerns over transparency, have led to a significant loss of trust among users and the wider cryptocurrency community. As the platform faces mounting scrutiny, stakeholders await clarity and resolution regarding the ongoing challenges.