ZK Casino just came out of nowhere with an update on that massive $33 million rug pull from last year. Turns out they’re actually paying some people back, which is pretty surprising for a project everyone assumed was completely dead.
The anonymous founder, who goes by Derivatives Monke, posted on Twitter that about 35% of people who bridged Ethereum to their platform have gotten refunds so far. They’re saying another 40% could get paid next week, bringing the total to around 75% of victims getting their money back.
Here’s what happened originally: ZK Casino launched in April 2024, promising people could bridge ETH, earn yield, and withdraw whenever they wanted. Instead, the project converted everyone’s deposits into locked ZKAS tokens and staked the ETH on Lido. Over 10,000 people got screwed out of roughly $33 million.
Even Vitalik Buterin called them out, saying they weren’t actually using zero-knowledge technology at all. On-chain researchers linked the team to previous scams, and Dutch police made some arrests, though they barely recovered any funds.
Now they’re slowly processing refunds, but bigger withdrawals need identity verification because of “legal requirements.” Most victims are still pretty skeptical since it’s been over a year of radio silence. Whether everyone actually gets paid back remains to be seen.
Conclusion
ZK Casino’s refund progress is surprising, but trust remains low. Partial repayments don’t erase past deception. Until all victims actually receive funds, the project’s reputation stays damaged, and skepticism will continue to define community response and expectations.
Also Read: Best Altcoin to Buy Now
