ZKasino exit scam
ZKasino ran a 'bridge-to-earn' campaign that, per reporting, collected about 10,515 ETH (~$33M). At launch the project converted deposits into its native ZKAS token instead of returning ETH and moved funds to a team multisig and into Lido. The event was widely reported as a rug pull.
Also known as: ZKasino, Derivatives_Ape, Elham Nourzai, Ildar Ilham
Summary
ZKasino, a crypto gambling project, ran a "bridge-to-earn" campaign in which users deposited ETH. Reporting indicates more than 10,000 users deposited about 10,515 ETH (around $33 million). [2][3] At its launch on April 20, 2024, the project converted those deposits into its native ZKAS token rather than returning ETH, and moved the funds to a team-controlled multisig and into Lido staking. [2][3]
Stated terms
CoinDesk reported that the project's website originally said bridged ether would be "returned" after the bridging period and that this wording was later removed. [2] In an April 20 post, the project said deposits had been converted to ZKAS "as a favour to our users who have bridged to participate in the ecosystem". [2][3]
Prior warnings
ZachXBT had described the founders as "proven bad actors" in December 2023 and listed unpaid debts attributed to team members. [1][2]
Outcome
Reporting indicates Dutch police arrested a co-founder and seized assets valued at over €11 million; ZachXBT later reported a second co-founder was arrested in the UAE. [1][3] Investors and outlets characterized the event as a rug pull. [2][3]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
- MoonHarvest FinanceRelatedProjectsA DeFi yield farm that drained its liquidity pool 11 days after launch, taking an estimated $4.2M from depositors.
- Serial DeFi rug operator (Sorta / Magnate / Kokomo / Solfire)RelatedProjectsZachXBT publicly warned that Sorta Finance (Arbitrum) was likely to be an exit scam and linked it to a series of earlier lending-protocol rug pulls attributed to the same actor, with reported cumulative losses above $25M.
Sources (3)
See also
World Liberty Financial (WLFI) — Justin Sun token freezeProjectsWLFI, a DeFi project linked to Donald Trump and his family, blacklisted/froze the wallet of major investor Justin Sun in Sept 2025 — ~540–595M unlocked WLFI tokens (~$107M) plus ~2.4B locked. Sun sued, alleging an undisclosed admin 'blacklist backdoor'; WLFI denied it and threatened a countersuit. The dispute is ongoing.
HEX / PulseChain (Richard Heart)ProjectsCrypto projects (HEX, PulseChain, PulseX) created by Richard Heart (Richard Schueler). In July 2023 the U.S. SEC sued him for offering unregistered securities that raised $1B+ and for allegedly misappropriating ~$12M for luxury goods (including a 555-carat diamond). A court dismissed the case in 2024 for lack of U.S. jurisdiction; there was no finding of wrongdoing and Heart denies the allegations.
This page was last updated on Jun 15, 2026. View revision history.
