ZKasino claimed that users could bridge back their ETH at a 1:1 ratio after the funds were held for nearly two months.
Over 10,000 investors had bridged more than $33 million worth of crypto on ZKasino at launch.
These funds were converted into ZKAS tokens at an inflated price without user consent, leading to allegations that the project was a scam.
In April, ZKasino abruptly changed its token redeeming policies around the time of launch. This change prevented investors from reclaiming their bridged ether tokens, initially promised by the project.
By the time of launch, over 10,000 investors had already bridged more than $33 million worth of crypto on ZKasino. These funds were converted into ZKAS tokens at an inflated price without user consent, leading to scam allegations.
These users or “bridgers” have now been given a narrow 72-hour window — from 28 May at 14:00 UTC to 31 May at 14:00 UTC — to register for the reclaim process. The registration requires users to deposit their first received batch of ZKAS bridge rewards back to the platform, forfeiting any future releases of ZKAS tokens scheduled over the next 14 months.
The sign-up process is restricted to the original ETH deposit addresses through which the ZKAS bridge rewards were initially received. Participants were asked to connect to the ZKasino network via its website, which would automatically verify the original deposit address.