350 Million Dollar Panic-Creating Altcoin Project Launched Rescue Package!

ZKasino, whose name was involved in a $350 million fraud last April, launched a rescue package called the bridging process.

ZKasino has introduced a process through which investors can withdraw their Ethereum. In the statement made by the team on Medium, it was stated that users participating in the project will be able to convert their Ethereum at a 1:1 ratio and withdraw it via the bridge. The bridging process can be done until May 31, 17.00 CET.

Users who choose this method will make transfers between Ethereum layer 1 (L1) and layer 2 (L2). However, they will be able to get their Ethereum balance back without any loss or change in value.

When the project was launched, ZKasino followers transferred more than $33 million worth of Ethereum to the ZKasino network in order to receive additional ZKAS tokens. It was written on ZKasino's website that these Ethereums would be returned to the users after the transaction was completed.

However, the ZKasino team later removed this information from the site and made a decision that confused users. Ethereum deposited into the network was not returned to users, but was instead automatically converted into ZKAS tokens to ensure a “smooth transition.”

Dutch authorities arrested the 26-year-old suspect, who was involved in the ZKasino fraud and was known to be part of the team, and seized 11 million Euros.