ZKasino, a blockchain-based gaming enterprise, has made headlines for its unique move. Originally intended to repay $33 million worth of investor and user monies in ETH, it reversed course at a discounted rate. This adjustment was a surprise, but it’s all part of a strategic goal to strengthen the project.
ZKasino’s choice to convert ETH to ZKAS tokens wasn’t just a random decision. It is a part of a wider plan to deliver a seamless experience for its users. The improvements were designed to comply with the project’s mission, ensuring a smooth transition as ZKasino’s network doesn’t function on ETH.
Moreover, ZKasino’s decision to stake the funds in the Lido protocol is another step towards strengthening the project. By staking, ZKasino is not only protecting the security of the network but also potentially increasing the value of the funds over time.
A mysterious cryptocurrency engineer dubbed “cygaar” asserts that ZKasino’s blockchain was a rapid deployment of Arbitrum Nitro, not employing the advertised zero-knowledge tech or EigenDA.
Big Brain, a venture capital firm, sparked more controversy by declaring on April 21 that ZKasino seems phony and they never invested in it, despite ZKasino’s assertion of a $350 million Series A round with backing from them and others.
On a prominent platform, some ZKasino backers are saying it’s an exit scam, even going as far as exposing the personal details of the founder, “Derivatives Monke,” to seek legal action.
