The Ledger: ZKasino consternation, CZ sentenced, and ‘crypto-infused’ Rivalry

In this week’s The Ledger Cyvers looks at the fallout from ZKasino, Binance boss Changpeng Zhao is sentenced for money laundering and Rivalry offers a taste of what’s to come.

In this week’s The Ledger, crypto security analysts at Cyvers have reflected on the casino’s $33m Ethereum (ETH) rugpull, which sent shockwaves through the crypto community last week.

Investors first noticed the anomaly when they were unable to access their funds or observed unusual activity on the blockchain, particularly a specific transaction noted on Etherscan. Cyvers says the case underscores the risks that investors face and highlights the importance of vigilance and due diligence.

Despite the consternation around ZKasino, CertiK reported this week that only $25.7m had been lost to cybersecurity incidents in April, which is the lowest since 2021.

The company believes that losses decreased by 141% since March, a trend that could be explained with the shifting focus of cyber criminals to social engineering.

Hacks proved to be the biggest issue for companies, with $21m lost in April in defi attacks. FixedFloat was among the biggest losers during the month. ZKasino was not factored into this particular report.

Elsewhere this week, Toronto-based igaming operator Rivalry offered a tantalising glimpse of what is to come from them in the next few weeks, as the operator turns its attention to crypto.

The Gen Z focused platform first revealed its plans to expand support for cryptocurrency and crypto-enabled technologies during an earnings call for investors on April 5.

This week, in a letter to shareholders, it said: “Interactive, volatile, and crypto-infused product experiences will set the precedent for how the next generation gambles online.” We couldn’t agree more and can’t wait to see what they have planned.

This week also saw former Binance CEO Changpeng Zhao (CZ) handed a four-month prison sentence for his role in violating US money laundering laws.

The verdict, delivered by US District Judge Richard Jones in Seattle, follows CZ’s admission of guilt regarding Binance's non-compliance with anti-money laundering regulations.

Despite prosecutors pushing for a lengthier three-year term, Judge Jones was lenient but emphasized Zhao's failure to prioritize legal compliance over growth and profitability.

Divvy.bet revealed that April was its best month to date, reaching an overall volume of $5m, with 2,500 wagers placed last month for a total of $383,500. This meant that betting profits across all offerings reached $24,600 with a hold of 6.42%.

Over at Rollbit, the platform successfully completed its migration from Solana to the Ethereum network. The company announced that approximately 71,746,581.83 $RLB tokens have been burned as part of this transition.

Finally, the February election in Indonesia saw populist candidate Prabowo Subianto claim the presidency, with potentially positive implications for the crypto industry.

Looking for your next crypto casino? Check out Mega Dice or FortuneJack!

Written by Hannah

Hannah is editor of CryptoGamblingNews.com and has almost 15 years experience in journalism, including reporting on law, TV, gambling, crypto and alternative finance. She is particularly interested in the future of money, the transition of gambling from 'vice' industry to mainstream entertainment and the application of blockchain technology to wider society.

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