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ZKasino Scam-Related Wallet Lost $27 Million on an ETH Long Trade Position

His loss amounted to $27.1 million, Onchain Lens pointed out. ”A scammer gets a portion of karma,” noted the authors of the analytical resource. The project positioned itself as a gambling and blockchain casino platform, misleading investors with promises that they could get their funds back in 30 days, remembered Colin Wu. ”ZKasino developers bet everything on ETH and the market screwed them, looks like the casino doesn`t always win,” commented one user. Some traders successfully took advantage of the market volatility on April 7. Keith, who opened a long on ETH with $4.52 million and 20x leverage, closed the position three hours later for a profit of $1.87 million. Bitcoin recovered to near $76,700 ( CoinGecko ) after collapsing below $75,000. A large trader contributed $5 million to USDC amid the rebound, opening a long position with 20x leverage and a price of $77,231. According to Coinglass , liquidations in the options market reached $1.43 billion in the past 24 hours, of which longs totaled $1.22 billion. More than 461,600 traders were affected by the closures. The largest single liquidation of $7.08 million was recorded on the OKX platform. Market correction leads to $106 million Ethereum whale liquidation A large Ethereum holder has been subjected to a forced closure of a 67,570 ETH ($106 million) position on DeFi platform Sky after the collateral ratio fell below the liquidation threshold. The catalyst was the collapse of the price of the second largest cryptocurrency by 12.5% in the evening of April 6. The next day, the quotes had already lost 9%, failing the $1500 mark. In the event of liquidation, Sky will confiscate the coins in collateral to be auctioned off to recover the borrowed DAI plus fees. Any remaining amount after liabilities are covered is returned to the platform user. The protocol further burns the received stablecoins, reducing the emission; According to DeFi Llama , Sky has a user with a $79.4 million position that could be forcibly closed if oracles fix the price of Ethereum below $1495. Blockchain casino ZKasino has been accused of stealing $33 million in user funds ZKasino, a blockchain casino development company, sent 10,515 ETH, equivalent to $33.9 million, to the Lido steaking protocol instead of returning the funds to its users and investors. At first glance, ZKasino looked like any other crypto project. The company announced a valuation of a $350 million Series A round backed by $26 million from investors including cryptocurrency exchange MEXC. Their smart contracts were verified by well-known security firm Certik (after initially verified by ChatGPT). The project`s test networks worked correctly. Early participants of the project made Ethereum deposits through the bridge to farm the native token ZKAS. Initially, the project team promised that participants would be able to get their assets back. However, in a message dated April 20, ZKasino announced the launch of the network and changes to the original plan. The platform confirms that all ETH received has been converted to ZKAS at a reduced rate of $0.055 with a 15-month vesting. Analysts at EmberCN have noticed a suspicious transfer of funds to the Lido steaking protocol by developers. This came after the developers changed the wording on their website, removing the statement about the possibility of ETH refunds. ETH was contributed by ZKasino users for farming. As a result, the project team changed the official site description and forcibly exchanged ETH for their platform token. A Web3 developer under the nickname cygaar reported that the launched ZKasino is actually an ”Arbitrum Nitro chain” that took only two minutes to deploy. In addition, he noted that the protocol does not use zero-disclosure proofs or EigenDA, despite claims made by the project team. Hundreds of messages from ZKasino users who clearly invested in the project are now claiming that the project is a known type of exit scam*. Some users have even circulated the personal information and address of ZKasino`s founder, known by the pseudonym ”Derivatives Monke”, using this information to call for legal action. Venture capital company Big Brain said it has never invested in ZKasino and expressed that the project itself seems fraudulent. ”Big Brain Holdings invested in ZigZag Exchange in 2022, which subsequently turned into a financial loss. Some of the co-founders of this project are now part of the ZKasino team, which appears to be dirty hands,” noted the company”. The alleged founder of ZKasino under the nickname Derivatives Monke responded in one of the this reply to another user`s post about being ”sued for stealing $30 million”: ”You`re a 60-year-old boomer hanging out with 20-year-old kids. The ZKasino team has not made any other statements regarding the situation. CoinOtag

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Bitcoin Price Analysis: BTC Plunges Below $80,000 as Crypto Joins Global Market Rout

Bitcoin (BTC) and the crypto market plummeted Monday morning as markets witnessed a bloodbath at the beginning of the week. Donald Trump’s tariffs and trade war tensions have pummeled markets and crypto prices crashed after the US stock futures markets opened significantly lower on April 6 as Trump doubled down on his tariff strategy. As a result, BTC fell nearly 10%, dropping to a low of $74,389 before moving to its current level. The flagship cryptocurrency is down over 7% over the past 24 hours and is trading around $76,700 after recovering from its day low. Bitcoin (BTC) Plunges As Markets Feel Trade War Pain Bitcoin (BTC) and the broader crypto market plunged into the red on Monday as a clear risk-off sentiment emerged among traders. The flagship cryptocurrency fell nearly 10% over Sunday and the current session, falling to a low of $74,389 before recovering to current levels. BTC’s decline comes as President Donald Trump doubled down on tariffs, with markets facing losses in trillions. US equity index futures also declined while the yen surged as signs of turmoil deepened across markets. Charlie Sherry, Head of Finance and crypto analyst at Bitcoin Markets, stated, “For a moment, it seemed as though crypto might hold steady, but with the 24/7 nature of crypto markets, investors woke up on Sunday in full sell mode.” Data from Coinglass showed around $758 million worth of bullish crypto wagers liquidated over the past 24 hours, the most in almost six weeks. Market Rout Rattles Investors Rattled investors dumped their cryptocurrency holdings over the weekend as they anticipated mayhem on Monday after Trump’s retaliatory tariffs raised fears of a recession. As a result, investors dumped all risk assets. Duties on imports, coupled with custom tariffs on major trading partners have raised concerns about a global trade war that could drive the US economy into a recession. Concerns around tariffs have also sent markets around the world plummeting. Global stocks wiped out $7.46 trillion over two sessions after the tariff announcement. The figure includes $5.87 trillion lost in the US stock market and $1.59 trillion in other major markets. BTC is down over 15% in 2025 and with the absence of a crypto-specific catalyst, is expected to continue moving in its current trajectory as recession concerns overshadow any benefits expected this year. Bitcoin ETFs Turn Negative Yet Again The ETF market also succumbed to investor caution after Bitcoin ETFs snapped their two-week inflow streak with a $172.69 million net outflow. The brunt of the outflows came on April 1, as fears around tariffs increased, leading to $157 million in outflows. While Wednesday registered inflows of $220 million, it was insufficient to stem the decline. Grayscale led the weekly ETF outflows with $95 million, followed by WisdomTree’s BTCW, which registered outflows worth $44 million. BlackRock’s IBIT saw outflows of $35 million, and Bitwise’s BITB $24 million. ARKB ($22 million), Valkyrie’s BRRR ($7.7 million), and VanEck’s HODL ($4.8 million) rounded off the outflows list. A few ETFs registered inflows, with Grayscale’s GBTC registering $34 million. Franklin’s EZBC registered $17.4 million in inflows, while Fidelity’s FBTC saw inflows worth $10.16 million. Bitcoin (BTC) Price Analysis Bitcoin (BTC) is witnessing significant volatility during the ongoing session. The flagship cryptocurrency had plunged to a low of $74,389 on TradingView before surging to a high of $86,213 and then falling below $80,000. Analysts, including CryptoQuant CEO Ki Young Ju, believe BTC has entered a bear market that will likely persist for six months. According to Ju, Bitcoin’s current bear market conditions are reflected in on-chain metrics, including market cap and realized cap. The realized cap determines the amount of money entering Bitcoin based on wallet movements. On the other hand, the market cap is based on the most recent price on exchanges. A bear market is reflected in the stagnation or decline of market capitalization despite a rise in realized capital. This suggests that while capital is entering the market, prices are not reacting. Ju stated in a post on X that the Bitcoin bull cycle is over, adding, “Bitcoin bull cycle is over — here’s why. There’s a concept in on-chain data called Realized Cap. It works like this: when BTC enters a blockchain wallet, it`s considered a ‘buy’ and when it leaves, it`s treated as a ‘sell.’ Using this idea, we can estimate an average cost basis for each wallet. Multiply that by the amount of BTC held, and you get the total Realized Cap. It’s often seen as the total capital that has entered the Bitcoin market through actual on-chain activity.” BTC has seen a significant decline this week after being relatively stable above $80,000 for most of last week. The flagship cryptocurrency fell below the 200-day SMA last Friday and continued to decline on Saturday, dropping below the 20-day SMA and settling at $82,704. Price action remained bearish on Sunday, falling marginally to $82,404. BTC encountered volatility on Monday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand, with the price registering a marginal increase. Bullish sentiment intensified on Tuesday as BTC rose over 3% to move past the 20-day SMA and $85,000 and settle at $85,152. BTC surged to an intraday high of $88,624 on Wednesday as buyers pushed towards $90,000. However, it lost momentum after reaching this level and dropped over 3%, slipping below $85,000 and the 20-day SMA and settling at $82,525. Source: TradingView BTC rebounded on Thursday despite overwhelming selling pressure, rising almost 1% and settling at $83,199. Buyers retained control on Friday, with the price increasing 0.76% to $83,828. BTC was back in the red on Saturday, registering a marginal decline and settling at $83,423. Bearish sentiment intensified on Sunday as global markets tanked. As a result, BTC fell over 6%, slipping below $80,000 and settling at $78,301. BTC is facing significant volatility during the current session. The flagship cryptocurrency plunged to a low of $74,389 before surging past $80,000, only to decline to $79,300. BTC is up over 1% during the current session as it looks to reclaim $80,000. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. CoinOtag