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ZKasino Wallet Hit with $27 Million Loss After Leveraged ETH Bet Fails
Last Updated: April 07, 2025
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Key Takeaways
- A wallet linked to ZKasino lost $27.1 million after a 20x leveraged ETH trade was liquidated;
- ZKasino attracted ETH by promising token rewards, but later moved $33 million to Lido Finance;
- Users can reclaim their ETH, but must give up ZKAS tokens and future distributions to do so.
A cryptocurrency wallet tied to ZKasino, a decentralized gambling platform, has lost over $27 million after a risky trade was wiped out during a drop in Ethereum’s
ZKasino began operating in April 2024, attracting users by offering a token airdrop to anyone who moved their ETH to the platform. Around $33 million of that ETH was transferred to the staking platform Lido Finance.
The wallet behind that transfer remained quiet for months. However, Onchain Lens, a blockchain tracking firm, reported that the wallet was liquidated after trying to trade Ethereum with 20x leverage.
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When ETH’s value dropped, the position was closed, which led to a $27.1 million loss. Onchain Lens shared the update in an April 7 post on X, noting the irony of the scammer losing so much money.
Despite this, users who sent ETH to ZKasino are still waiting for their funds. The project was accused of running off with over $40 million.
In response, ZKasino announced it would open a 72-hour window to return ETH to users. However, users who decide to claim their ETH must give up any ZKAS tokens they were promised, along with the rest of the token distribution over the next 14 months.
Meanwhile, an Ethereum holder lost about $106 million on the lending platform Sky. How did it happen? Read the full story.
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