We made a mistake investing in Zkasino early.
Founder, Ildar Elham, rugged us for $35 million.
Summary investigation on Zkasino ๐งต๐
Founder, Ildar Elham, rugged us for $35 million.
Summary investigation on Zkasino ๐งต๐
II. Let me begin by explaining what Zkasino is.
Zkasino (@ZKasino_io) is a decentralized casino that utilizes @zksync and @eigen_da technologies.
Well, it sounds like a scam, but 95% of crypto consists of such crap. With memecoins pumping every day, people believe this could be the next one.
Zkasino (@ZKasino_io) is a decentralized casino that utilizes @zksync and @eigen_da technologies.
Well, it sounds like a scam, but 95% of crypto consists of such crap. With memecoins pumping every day, people believe this could be the next one.
III. On March 19, @ZKasino_io announced their Series A round at a $350M valuation, raising $26.2M.
MEXC, Big Brain VC, Trading Axe, Pentoshi, and 0xSisyphus were involved.
(15% TGE, 3 months cliff, 15 months linear, according to @CryptoRank_io).
In addition, Founder of @ZKasino_io, @Derivatives_Ape worked at @ZigZagExchange and @Syncus_Fi some time ago. These weren't so good, but at least not a scam.
(x.com)
MEXC, Big Brain VC, Trading Axe, Pentoshi, and 0xSisyphus were involved.
(15% TGE, 3 months cliff, 15 months linear, according to @CryptoRank_io).
In addition, Founder of @ZKasino_io, @Derivatives_Ape worked at @ZigZagExchange and @Syncus_Fi some time ago. These weren't so good, but at least not a scam.
(x.com)
IV. In addition, VCs bought at the same valuation as KOLs. Imagine raising a Series A round one week after ours at 10x valuation. If they invested at $350M, not so Big Brain.
On March 20, they tweeted about hosting a side event at @Token2049. However, the event was canceled due to weather conditions.
Back then, this was truly a green flag, as the team could doxx during the event.
On March 20, they tweeted about hosting a side event at @Token2049. However, the event was canceled due to weather conditions.
Back then, this was truly a green flag, as the team could doxx during the event.
V. @ZKasino_io had initially planned IDOs on @apeterminal and @AITProtocol.
However, both got canceled along with the last-minute cancellation of the listing on MEXC.
This is where the FUD began.
However, both got canceled along with the last-minute cancellation of the listing on MEXC.
This is where the FUD began.
VI. On March 17, both @Derivatives_Ape and @ZKasino_io posted tweets announcing a program where anyone could lock ETH and farm $ZKAS.
They called it the most honest type of distribution: lock ETH -> get tokens. Afterward, we will be able to get ETH 1:1 back.
Cross-chain bridge CA: 0x9144E18C28338516f0ACe99Bc88DE34aaE59Be45
(1. x.com; 2. x.com)
They called it the most honest type of distribution: lock ETH -> get tokens. Afterward, we will be able to get ETH 1:1 back.
Cross-chain bridge CA: 0x9144E18C28338516f0ACe99Bc88DE34aaE59Be45
(1. x.com; 2. x.com)
VII. "Afterward, we will be able to get ETH 1:1 back".
Initially, there was a statement on the homepage promising the return of pre-mined Ethereum, but this statement has since been removed.
"AS A FAVOR", they decided to convert ETH into yet-to-born $ZKAS at $500M FDV (calculations made) and 5% on TGE.
(x.com)
Initially, there was a statement on the homepage promising the return of pre-mined Ethereum, but this statement has since been removed.
"AS A FAVOR", they decided to convert ETH into yet-to-born $ZKAS at $500M FDV (calculations made) and 5% on TGE.
(x.com)
VIII. In a Medium article they posted, they shared links to RPC, bridge, and explorer. The funny thing about this is that bridge and RPC don't work.
25% of the $ZKAS supply was allocated to farmoors who are locking ETH; that's basically why people locked their ETH. R/R was good.
(x.com)
25% of the $ZKAS supply was allocated to farmoors who are locking ETH; that's basically why people locked their ETH. R/R was good.
(x.com)
IX. FUD became bigger.
In the Zkasino investors chat, @XBT_Prometheus was acting inadequately when KOLs began asking questions.
Just go look at screenshots; they are not mine though.
In the Zkasino investors chat, @XBT_Prometheus was acting inadequately when KOLs began asking questions.
Just go look at screenshots; they are not mine though.
X. "They need to calm down lol", "Yeah but plans change", "I don't make the decisions", "We're still building", "People always FUD, it's normal", "We didn't scam anything".
(x.com)
(x.com)
XI. Where is ETH?
Team decided to farm 4% APY, don't worries guys, funds are SAFU. Joking.
All ETH have now been swapped to wstETH and sent to Lido for staking.
Address: 0x7911fea7b36fbd58a771bbf907aad2ef4bdcc491
Tx: 0xd6fa04a3465bd81d4df7e4f51c0ea9ecbc3264ef950cbc4a519caa642a217402
x.com
Team decided to farm 4% APY, don't worries guys, funds are SAFU. Joking.
All ETH have now been swapped to wstETH and sent to Lido for staking.
Address: 0x7911fea7b36fbd58a771bbf907aad2ef4bdcc491
Tx: 0xd6fa04a3465bd81d4df7e4f51c0ea9ecbc3264ef950cbc4a519caa642a217402
x.com
XIII. Back a while ago, @Derivatives_Ape was writing threads, and they were going viral (that's why he followed by many influencers).
Not so long time ago, he was sharing his profit on Binance on his page. Ahhh... never flex with your money.
His Binance UID: 38700041
x.com
Not so long time ago, he was sharing his profit on Binance on his page. Ahhh... never flex with your money.
His Binance UID: 38700041
x.com
XIV. Another historical information about the team:
(The car plate says Dubai).
4th pic: He's in some garage with Arabic on the wall, probably also in Dubai (1/7/2024).
(The car plate says Dubai).
4th pic: He's in some garage with Arabic on the wall, probably also in Dubai (1/7/2024).
XV. This is @Derivatives_Ape's pic.
You can see in the photo the Burj al Arab sign.
So he was probably at the Burj some time on or before February 13, 2022.
Police can use this info to ask the Burj al Arab who was staying there that date and cross-reference it to a Lamborghini car.
You can see in the photo the Burj al Arab sign.
So he was probably at the Burj some time on or before February 13, 2022.
Police can use this info to ask the Burj al Arab who was staying there that date and cross-reference it to a Lamborghini car.
XVIII. A mobile phone number of @XBT_Prometheus is North American.
But well, it can mean nothing, as he could have bought the number through someone.
But well, it can mean nothing, as he could have bought the number through someone.
XX. (Not my screenshots, but from one of the @Syncus_Fi members).
XXI. Bonus: @Derivatives_Ape also stole over $15 million from the @ZigZagExchange team as well.
@Derivatives_Ape related accounts are @FastBreakHarden, and @XBT_Prometheus.
@ZKasino_io is directly related to @Syncus_Fi.
x.com
@Derivatives_Ape related accounts are @FastBreakHarden, and @XBT_Prometheus.
@ZKasino_io is directly related to @Syncus_Fi.
x.com
XXII. Tagging gents who helped me in creating this thread (and victims):
@ericonomic, @MrFro92, @edcase88, @0x_nl, @0xEverybody, @KBSCryptoKorea, @tryPluid, @EmberCN, @slavikinvestor, @spacexbt,
@gudSandwich, @DMTLAND_, @jzinvest_xyz, @krcryptodegen, @leshka_eth, @0xFinish.
@ericonomic, @MrFro92, @edcase88, @0x_nl, @0xEverybody, @KBSCryptoKorea, @tryPluid, @EmberCN, @slavikinvestor, @spacexbt,
@gudSandwich, @DMTLAND_, @jzinvest_xyz, @krcryptodegen, @leshka_eth, @0xFinish.
Loading suggestions...