On November 28, BlockBeats news reported that the ZKasino project team borrowed 9.36 million DAI using 2,603 ETH as collateral 5 hours ago. They then deposited 10,535 ETH into Aave as a deposit, allowing them to lend out a total of 53.77 million DAI to purchase 15,645 ETH. The average price of the ETH purchased through leverage was $3,437.
As the price of ETH rose, the ZKasino project used users’ ETH as margin for leveraged long operations and made a profit of $3.22 million. Source: [link]
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<p>The post ZKasino’s Lending Spree: A Profitable Gamble or User Misappropriation? first appeared on CoinBuzzFeed.</p>
