The Web3 Gaming Platform Zkasino team announced on May 28 that it has begun a two-step bridge back process, which would enable users to regain their Ethereum tokens. Users will be able to bridge back their funds between the 28th and the 31st of May. After that, the signup procedure will be terminated, and deposits will be halted.
Rug Pull Allegations
On May 28, the team that is responsible for the Web3 Gaming Platform Zkasino announced that it was beginning a bridge-back process that would consist of two steps. By this procedure, about 10,000 Zkasino users who had deposited Ethereum with a value of approximately $33 million are offered the opportunity to “bridge back” their ETH at a ratio of 1:1.
The Zkasino team made the news over one month after the Web3 gaming platform was accused of altering its token redemption limits. Some claim that users were unable to receive their bridged Ethereum as promised after this alteration, leading to accusations of a “rug pull.”
Earlier this month, Dutch authorities reportedly detained Zkasino’s CEO on suspicion of violating laws against money laundering, fraud, and embezzlement. Additionally, law enforcement agents were able to seize assets, including cryptocurrencies with a total worth of $12.2 million, during the operation that resulted in the arrest of the CEO.
Signing up Users Forfeit Future ZKAS Rewards
In the meantime, the Zkasino team issued a statement in which they clarified. The procedure for compensating bridgers who opted out of participating in the ZKAS conversion had already begun. Additionally, the message cautioned users who choose to bridge back that doing. So would result in the loss of any future ZKAS awards they may have in the future.
“To sign up, bridgers must first deposit the ZKAS bridge prizes that they have received for the first time. Registering will result in the loss of the remaining fourteen months of ZKAS release. The Zkasino team stated that bridges have a period of seventy-two hours (29 May 14:00 UTC to 31 May 14:00 UTC) to register for the event.
The team has revealed that the Zkasino EVM Chain is a means by which bridges can obtain their ZKAS awards. Zkasino will oversee a smart contract where the bridges must deposit their prizes to get them. Deposits will no longer be available for use after three days of registration.
What are the Potential Advantages?
Players may benefit from ZKasino’s decentralized concept in several ways:
Provably Fair: To guarantee that all games have provably fair outcomes, the platform uses verifiable random functions (VRFs). Everyone involved can rest assured that they are not playing against the odds.
Security and Control: Playing with their wallets gives players total control over their money. There is no longer any possibility of centralized platforms keeping or abusing cash thanks to ZKasino.
Privacy: The platform provides a higher level of privacy for participants without requiring them to register or provide KYC information.
Conclusion
Investors in the ZKasino series are so sure it will revolutionise the online gaming industry that they’ve chosen to put their money behind it. Players benefit from a rare trifecta of openness, safety, and agency because of its decentralized model. But there are still major obstacles to overcome, like as dealing with governmental red tape and control. The volatility of cryptocurrencies, and encouraging user acceptance. If ZKasino can transform online gambling as promised and earn its US$350 million valuation. Then the world will never be the same.
