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Scammer hit with a dose of karma after $27 million liquidation

A cryptocurrency scammer behind the fraudulent blockchain-based gambling project ZkCasino has recorded massive losses of over $27 million through liquidation. The individual, who had previously swindled millions from unsuspecting investors, opened a highly leveraged 20x long position on Ethereum ( ETH ) via Hyperliquid, a decentralized perpetual futures exchange. However, the market turned against the position, leading to a full liquidation with losses totaling $27.1 million, according to the latest on-chain data retrieved by Finbold from Onchain Lens on April 7. Ethereum liquidation chart. Source: Hyper Dash ZkCasino scam Before this downfall, the scammer reportedly stole over $40 million through the ZkCasino scheme, a fake gambling platform and blockchain casino that lured investors with false promises of quick returns. ZkCasino marketed itself as a legitimate operation, claiming investors could recover their funds within 30 days. It’s worth noting that the platform launched in April 2024, attracting users with the promise of a token airdrop for bridging ETH. Instead of returning the funds, it redirected $33 million in ETH to Lido Finance. Nearly a year later, the wallet has re-emerged, only to see the funds liquidated. The brutal liquidation is tied to the sharp drop in Ethereum’s price, which aligns with the broader cryptocurrency market . ETH was trading at $1,554 at press time, down over 11% in the past 24 hours and 14% on the weekly chart. ETH seven-day price chart. Source: Finbold Following exit scam allegations, ZkCasino claimed it would return user funds within 72 hours, but only if investors surrendered their ZKAS tokens and any future entitlements. On April 29, 2024, Dutch authorities arrested a suspect, and shortly after, all bridged ETH was returned to ZkCasino’s multisig wallet. Despite this, the ETH remains unreleased nearly a year later. Featured image via Shutterstock The post Scammer hit with a dose of karma after $27 million liquidation appeared first on Finbold . CoinTurk News

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Deadline for US Institutions Has Come! What Does It Mean for Bitcoin (BTC) and Cryptocurrencies?

The deadline has come for U.S. federal agencies to report their Bitcoin and cryptocurrency holdings to Treasury Secretary Scott Bessent, a White House official told Fox Business correspondent Eleanor Terrett today. Accordingly, federal agencies are expected to report their cryptocurrency holdings to the Treasury Secretary by April 7, following an executive order signed by President Donald Trump earlier this year. These reports will be made only to the US Treasury Secretary, and since there is no requirement for the reports to be made public, the results will remain confidential for now. “It`s unclear at this point if and when the findings will be made public,” Fox`s Terrett said. NEW: The deadline for the federal agencies to report their crypto holdings to Treasury Secretary Scott Bessent is tomorrow, according to a White House official. However, the Executive Order didn’t require the findings of the audit be made public, only that they be reported to… https://t.co/6JUjCEEh2F — Eleanor Terrett (@EleanorTerrett) April 6, 2025 The reporting by U.S. institutions comes as part of President Trump’s March 6 executive order establishing the Strategic Bitcoin Reserve and Digital Asset Stockpile. The U.S. Strategic Bitcoin Reserve will hold Bitcoins obtained through criminal or civil forfeiture and preserve these assets for the long term without selling them. According to Arkham Intelligence data, the U.S. government currently holds 198,012 Bitcoins worth over $15 billion. *This is not investment advice. Continue Reading: Deadline for US Institutions Has Come! What Does It Mean for Bitcoin (BTC) and Cryptocurrencies? CoinTurk News