During the arrest, $12.2 million worth of digital assets, real estate, and expensive cars were taken by the authorities.

A man was detained by Dutch authorities on suspicion of being a part of the online gambling platform ZKasino fraud.

The 26-year-old was taken into custody by the Fiscal Information and Investigation Service (FIOD) on April 29. He is suspected of money laundering, embezzlement, and fraud.

According to a May 3 report by FIOD, the Dutch authorities seized cryptocurrency, real estate, and luxury cars valued at over 11.4 million euros ($12.2 million).

In the ZKasino fraud case, investors lost at least $33 million in digital assets; this is the first arrest in the investigation. Users were initially guaranteed a 30-day return on their investment by the company.

The smart contract, however, indicates that the platform never meant for it to come back. the funds, according to Dutch authorities.

The suspect’s detention was extended by 14 days for investigative purposes.

While the suspect’s identity is yet to be confirmed, some crypto community members on X have been speculating on his identity.

ZKasino: From investment to exit scam

ZKasino first presented itself as an emerging blockchain-based gambling platform, attracting deposits from investors and promising returns within a month. The platform went live on April 20, attracting over 10,515 Ether ETH$3,047 from over 10,000 investors.

Investor concerns intensified on April 20 after an on-chain transaction showed ZKasino moving all 10,515 ETH into the Lido staking protocol.

Users also noticed it had changed the wording on its website, removing a statement that said the ETH “would be returned.”

Adding fuel to the fire, in a March X post, ZKasino claimed to have closed a Series A investment round at a $350 million valuation with backing from crypto exchange MEXC and venture firm Big Brain Holdings, among others.

Big Brain Holdings subsequently clarified that it had not invested in ZKasino, “which appears to be fraudulent,” despite receiving a pro-rata token distribution offer from the platform.