Dutch Police arrest suspect in ZKasino crypto scam

Dutch authorities seized assets worth over €11.4m, including cryptocurrencies, real estate, and luxury vehicles

Police in the Netherlands have made significant progress in the investigation of the alleged scam involving online crypto gambling platform ZKasino.

A 26-year-old man was arrested by Dutch authorities on April 29 on suspicion of fraud, embezzlement, and money laundering.

The Fiscal Information and Investigation Service (FIOD) said that during the conducted operation it seized assets worth more than €11.4m. The assets included cryptocurrencies, real estate properties, and luxury vehicles.

The Dutch authorities have not revealed the identity of the arrested man, however, according to the revelations of the investigation, there is a connection between the man and his activities and the operations of ZKasino.

Dutch authorities have prolonged the detention of the arrested man by two weeks in order to continue with the investigation.

ZKasino lured in investors with a promise of substantial returns within a mere 30 days, however, the platform has since failed to deliver on these promises. The alleged scam has cost investors the stunning amount of $30m in cryptocurrency.

According to the Dutch investigation, ZKasino has utilized a smart contract which was deliberately designed to keep investor returns. This hints at what is usually referred to as a “rug pull.”

Even though the arrest of the individual shows progress in the investigation, a lot of questions still remain unanswered regarding the identities of the people behind ZKasino. Some of the documentation from the proceedings hints that a person known under the nickname Derivatives Monke may have been involved with ZKasino, however, further investigations are needed to confirm this.

The investors who have suffered from the ZKasino alleged scam are seeking legal help in order to reimburse the funds they have lost. However, previous cases with such rug pulls have proven that hardly any funds are eventually recovered. Still, the progress Dutch authorities have made leaves a glimmer of hope for justice for the victims.

Dutch authorities have suggested that as the investigation continues it is highly possible that they will make more arrests. They have stressed the importance of the cooperation of all parties involved for the successful recovery of the lost funds.

Recently, senior blockchain scientist Hakan Unal from Cyvers.ai explained in detail what happened with ZKasino and offered advice on how investors can spot and avoid suspicious crypto projects.

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Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.

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