Cryptocurrency betting platform ZKasino is currently under scrutiny due to concerns about its reliability. Despite rumors of its official Telegram channel being banned, the account remains active. ZKasino has not addressed these issues, leading to further doubts among users.

One major red flag is the discovery that ZKasino’s deposit wallet holds a substantial amount of 10,500 Ether (ETH), equivalent to approximately $32 million. This revelation has raised questions about the platform’s financial practices and management.

The situation is exacerbated by previous accusations of fraud against the ZKasino team. These allegations, brought to light by ZigZag founder Kedar Iyer, have contributed to a growing sense of mistrust surrounding ZKasino.

Iyer publicly criticized ZKasino’s founders, claiming that they misappropriated funds meant for ZigZag developers to finance ZKasino’s development. Furthermore, it was alleged that funds raised for ZigZag were redirected to ZKasino-controlled addresses.

Journalist Colin Wu also pointed out a concerning change to ZKasino’s bridge interface, particularly the removal of a crucial sentence regarding the return and bridging of Ethereum funds. This alteration has raised suspicions about the platform’s transparency and intentions.

In response to these developments, cryptocurrency exchange MEXC has decided to postpone the listing and withdrawal of ZKasino’s native token, ZKAS. This decision has impacted users who are now unable to access their funds or utilize the betting platform as intended. MEXC has not provided a specific reason for the suspension but has indicated that it will announce the resumption of ZKAS’s listing and withdrawals at a later date.

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