A cryptocurrency wallet tied to ZKasino, a decentralized gambling platform, has lost over $27 million after a risky trade was wiped out during a drop in Ethereum’s
$1,588.28
price.
ZKasino began operating in April 2024, attracting users by offering a token airdrop to anyone who moved their ETH to the platform. Around $33 million of that ETH was transferred to the staking platform Lido Finance.
The wallet behind that transfer remained quiet for months. However, Onchain Lens, a blockchain tracking firm, reported that the wallet was liquidated after trying to trade Ethereum with 20x leverage.
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When ETH’s value dropped, the position was closed, which led to a $27.1 million loss. Onchain Lens shared the update in an April 7 post on X, noting the irony of the scammer losing so much money.
Despite this, users who sent ETH to ZKasino are still waiting for their funds. The project was accused of running off with over $40 million.
In response, ZKasino announced it would open a 72-hour window to return ETH to users. However, users who decide to claim their ETH must give up any ZKAS tokens they were promised, along with the rest of the token distribution over the next 14 months.
Meanwhile, an Ethereum holder lost about $106 million on the lending platform Sky. How did it happen? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
