Cryptocurrencies

$20 million worth of ETH returns to ZKasino multisig, raising hopes for a refund

$20 million worth of ETH returns to ZKasino multisig, raising hopes for a refund $20 million worth of Ethereum (ETH) has been mysteriously returned to blockchain gambling project ZKasino’s wallet — nearly three weeks after users accused the platform’s founders of an exit scam.

$20 Million Worth Of Eth Returns To Zkasino Multisig, Raising Hopes For A Refund
$20 Million Worth Of Eth Returns To Zkasino Multisig, Raising Hopes For A Refund

On May 9   , an Soon as they originally promised.

“One of the three scammers sent the funds to the original multi-signature wallet address,” said a $JAIL feed providing evidence of the transfers with Etherscan.

The 6,021 wstETH transferred equates to about two-thirds of the amount lost in the heist, raising the question “could they be willing to recover the victims’ money?”

ZKasino launched on April 20 offering an airdrop of its native token ZKAS to those who linked ETH to the platform, promising to return ETH.

However, the gambling project instead transferred around $33 million worth of users’ Ethereum to the Lido Finance protocol, instead of returning the funds to users as originally promised.

This led to accusations of an exit scam, where over 10,000 people blocked assets based on pledges made by the protocol that they claimed were later violated.

On April 29, Dutch authorities arrested a 26-year-old man suspected of involvement in the alleged ZKasino scam.

Authorities confiscated about $12.2 million worth of cryptocurrencies, real estate, and luxury cars from the suspect at the time.+

$20 million worth of ETH returns to ZKasino multisig, raising hopes for a refund

$20 Million Worth Of Eth Returns To Zkasino Multisig, Raising Hopes For A Refund

Some in the cryptocurrency community speculated that the arrested suspect might be the founder of the project with the pseudonym “Derivatives Monke,” who like Elham Noorzai was  doxxed  by blockchain investigators.

On May 8, Cointelegraph reported that the Binance Chain Investigations Team played a key role in leading law enforcement to arrest the suspect.

Binance also helped freeze millions of dollars worth of stolen cryptocurrencies after receiving a seizure warrant from authorities against the attacker’s accounts.

Despite the arrest, illicit funds are still  moving on the chain , suggesting that other potential attackers may remain at large. However, the recent movement of funds back into multisig for the project has renewed hope for victims.

April saw $25.7 million worth of cryptocurrencies lost to scams and hacks, not including the ZKasino incident, according to figures from intelligence firm CertiK.

This is the lowest historical number since 2021 according to the company, which began tracking the data that year.

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