The Ethereum Heist: ZKasino Scammer's $27M Loss Exposes Crypto Risks

**ZKasino Scammer's Wallet Wiped Out for $27M in Sudden Liquidation—Poetic Justice or Too Little, Too Late?**

In a dramatic twist that many are calling poetic justice, a crypto wallet linked to the infamous **$40 million ZKasino rug pull** has been **liquidated for over $27 million**, nearly a year after investors were allegedly duped in one of 2024’s biggest crypto scandals.

The downfall came on **April 7**, when blockchain analysts at **Onchain Lens** reported that the wallet—connected to the ZKasino exit scam—was forcefully liquidated on **Hyperliquid Exchange**. The reason? A **20x leveraged ETH position** couldn’t survive Ethereum’s sharp drop to **$1,489**, its lowest point in nearly two years. The ETH crash was triggered by global equity market sell-offs, and the over-leveraged position simply imploded under the pressure.

### **ZKasino: From Hype to Heartbreak**

ZKasino launched in April 2024 with grand promises, including generous airdrops of its native **ZKAS token** to users who bridged Ethereum to its platform. But rather than fulfilling those commitments or returning investor funds, the project quietly rerouted **$33 million in ETH** to **Lido Finance**, sparking accusations of fraud and betrayal.

The platform had once assured users of a **72-hour refund window** and a **two-step bridging process** back in May 2024—but the catch? Users had to **return their ZKAS tokens** and forfeit the rest of their 14-month token release schedule just to get their ETH back. Almost a year later, victims say they’ve received **nothing**. One user confirmed in August that there had been **no updates** since surrendering their tokens.

### **Justice Still Elusive**

While this liquidation might feel like karma finally catching up, real justice remains elusive. In April 2024, Dutch authorities arrested a suspect linked to the alleged scam, and although the bridged ETH was returned to ZKasino’s **multi-signature wallet**, those assets are still **frozen**.

Adding to the drama, another wallet narrowly avoided a similar collapse on the same day—an anonymous crypto whale had to **inject $14 million** to avoid a staggering **$340 million liquidation**.

### **Community Reactions: Bittersweet and Cautious**

For many in the crypto world, the wallet wipeout is **bittersweet**. It's a symbolic moment, a small dose of retribution in a space where scammers often walk free. But for those still waiting for their money, it's far from closure.

The ZKasino saga is a harsh reminder: **while karma might show up, justice often lags behind**. And in the volatile world of crypto, some scars take far longer to heal.