Key Takeaways
Dutch authorities arrest 26-year-old suspect linked to ZKasino gambling scam, seizing assets worth over $12 million;
ZKasino promised quick returns on investments but failed to deliver, raising suspicions among investors;
The suspect faces charges of fraud, embezzlement, and money laundering.
Dutch authorities have arrested a 26-year-old man in connection with the ZKasino online gambling scam.
The Fiscal Information and Investigation Service (FIOD) made the arrest on April 29, following investigations into the scheme that reportedly defrauded investors out of at least $33 million.
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During the arrest, law enforcement seized assets worth more than 11.4 million euros (approximately $12.2 million), including crypto, real estate, and luxury vehicles.
The suspect is currently facing charges of fraud, embezzlement, and money laundering. His identity has not been disclosed as the investigation is ongoing.
ZKasino was promoted as a blockchain-based gambling platform, attracting deposits of over 10,515 Ether with the promise of returns within 30 days. However, after failing to deliver on these promises, the platform soon drew suspicion.
Red flags were raised after it was revealed that all the amount of Ether was transferred to the Lido staking protocol. In addition, users noted that a statement guaranteeing the return of deposited Ether was removed from ZKasino’s website.
The situation escalated when ZKasino announced securing $350 million in Series A funding with backing from notable firms. However, one of these purported investors, Big Brain VC, officially denied any involvement with the platform and described it as potentially fraudulent.
This case continues to unfold as Dutch authorities delve deeper into the investigation, holding the suspect for another 14 days to gather more evidence.
In other news, “Bitcoin Jesus” Roger Ver has been arrested for allegedly evading taxes and committing mail fraud.
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.
