ZKasino, a blockchain-based betting project, has announced a 72-hour process to refund investors after being accused of a $33 million “rug pull.” The project has initiated a two-step bridge return process, allowing users to reclaim their ETH on a 1:1 basis. However, the refund process requires users to return their entire ZKAS balance from the original address they sent their Ether from.

Investors who reclaim their ETH would lose their allocated ZKAS and the remaining 14-month ZKAS distribution. While some users questioned the 72-hour timeframe, others expressed concerns about the legitimacy of the registration page. The Medium post was shared by ZKasino founder, known as “Derivative Monke,” rather than the official ZKasino X account. Last month, ZKasino faced criticism for failing to return investor ETH after launching its network. Instead, the platform sent $33 million worth of investor and user funds to Lido for staking. At that time, ZKasino claimed to have made changes to their initial plan, converting all bridged ETH into ZKAS at a “discounted rate of $0.055” with a 15-month vesting period.

Despite the refund initiative, many still accuse the platform of fraud. Dutch authorities arrested a suspect linked to the rug pull on April 29, and a few days later, Derivative Monke denied the allegations on X, leading to the return of approximately two-thirds of the stolen funds to ZKasino’s multi-signature wallet. ZKasino’s actions have sparked a heated debate in the cryptocurrency community, with many calling for greater transparency and accountability in the space. As the situation unfolds, investors are left wondering about the future of their investments and the integrity of the platform. The 72-hour deadline looms, and users are advised to exercise caution and conduct thorough research before making any decisions.