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Dutch authorities have apprehended a suspect linked to the ZKasino scam. The arrest was made on 29 April, with the suspect, a 26-year-old man, facing charges of fraud, embezzlement, and money laundering.
The ZKasino platform, which initially presented itself as an innovative blockchain-based gambling platform, has been under scrutiny for its dubious operations. The platform promised investors a return on their investments within 30 days, a promise that was never fulfilled. The smart contract associated with the platform suggested that there was never an intention to return the funds, raising red flags among the investor community.
The Fiscal Information and Investigation Service (FIOD) seized assets worth over 11.4 million euros ($12.2 million) during the arrest. The seized assets include cryptocurrency, real estate, and luxury cars. This marks the first arrest in the ZKasino fraud case, where investors have reportedly lost at least $33 million in digital assets.
Unmasking the deceptionThe platform went live on April 20, attracting over 10,515 Ether (ETH) from more than 10,000 investors. However, investor concerns escalated when an on-chain transaction revealed ZKasino moving all 10,515 ETH into the Lido staking protocol. Additionally, the platform altered the wording on its website, removing a statement that assured investors that their ETH “would be returned.”
Adding to the controversy, ZKasino announced in a March post that it had closed a Series A investment round at a $350 million valuation. The platform claimed backing from crypto exchange MEXC and venture firm Big Brain Holdings, among others. However, Big Brain Holdings later clarified that it had not invested in ZKasino, labeling the platform as “fraudulent.”
While the identity of the suspect remains unconfirmed, speculation is rife within the crypto community. The suspect’s detention has been extended by 14 days for further investigation. As the case unfolds, risks and challenges in the rapidly evolving world of online gambling and cryptocurrency need to be continuously evaluated. The ZKasino case is a cautionary tale for investors, highlighting the importance of due diligence and regulatory oversight in the crypto space.
The closing date for securing funding of up to PHP13.51 billion (€219.2 million) for the casino hotel project at Westside City in Manila, Philippines has been pushed back by 12 months. Suntrust Resort Holdings, the developer behind the project, confirmed the revised date, now set for April 30, 2025, in a filing submitted on Friday.
The Westside City Project, an integrated resort located in Manila’s Entertainment City, is spearheaded by Suntrust Resort Holdings. The project aims to debut its main hotel-casino in the first quarter of 2025, aligning with the extended funding deadline.
Summit Ascent’s commitment and statusIn July 2023, Summit Ascent Investments, a subsidiary of Summit Ascent Holdings Ltd., pledged to subscribe to convertible bonds totalling up to PHP13.51 billion (€219.2 million) issued by Suntrust. However, as of last week, certain conditions necessary to finalize the agreement remained outstanding. This includes obtaining consent and approvals from regulatory bodies such as the Securities and Exchange Commission (SEC) in the Philippines.
Challenges and financial assistanceSummit Ascent highlighted Suntrust’s financial challenges, citing failures to pay interest on previous convertible bonds. To address these issues and secure the necessary funding, Suntrust’s board approved a $38 million (€36.6 million) loan from LET Group Holdings, the parent company of both Summit Ascent and Suntrust.
As per the loan agreement, LET Group has agreed to provide a $38 million (€36.6 million) loan to Suntrust, which Suntrust must repay over 10 years starting from the execution date. However, both parties have the option to extend or shorten the repayment period by mutual agreement, or in case of default. Suntrust believes that this loan will have a positive impact on its business, operations, and financial condition, as it is expected to improve the company’s prospects.
Impact and potential delaysThe delay in securing funding and addressing financial concerns may potentially impact the completion and opening of the main hotel-casino. Summit Ascent emphasised the importance of securing necessary capital expenditures to prevent significant delays in the project’s development.
Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details here.
The World Series of Poker (WSOP), a prestigious event that has been the pinnacle of the poker world for decades, is set to make a grand return to Northern Europe. This July, the Estonian capital, Tallinn, will play host to this much-anticipated event.
The WSOP event, scheduled to take place from 19 to 28 July, is a collaboration between the OlyBet Group and GGPoker. The venue for this grand event is the Olympic Park Casino and Hilton Hotel, a location that promises to offer an unforgettable experience to all attendees.
The event is expected to draw thousands of poker enthusiasts from across the globe, all vying for the coveted WSOP gold ring. The main event tournament boasts a guaranteed prize pool of €1m ($1.07m), making it one of the most lucrative poker tournaments in the world.
In addition to the main event, the WSOP festival will feature 12 ‘ring events.’ Winners of these ring events will not only receive a cash prize but also a guaranteed entry to next year’s tournament and a World Series of Poker gold ring. The festival will also host over 40 side events and round-the-clock Cash Games, ensuring non-stop action for the entire duration of the event.
Return to Northern EuropeOlyBet, part of the Olympic Entertainment Group, is a renowned sports and gaming entertainment brand with partners across Europe. It is also a member of the International Betting Integrity Association (IBIA) and an official sponsor of Spain’s top football league, LaLiga. OlyBet’s commitment to integrity and fair play makes it an ideal host for the WSOP event.
The city of Tallinn is no stranger to hosting major poker events. Earlier this year, it hosted the 10th edition of the Kings of Tallinn poker festival, which featured over 50 tournaments, including the main event. The success of this event has undoubtedly set the stage for the upcoming WSOP event. The upcoming WSOP event in Tallinn promises to be a thrilling experience for poker enthusiasts worldwide. With its rich history, beautiful architecture, and vibrant nightlife, Tallinn is all set to become the new poker capital of Northern Europe. So, mark your calendars and get ready for an unforgettable poker experience this July!
Macau’s anticipated surge in visitor numbers during the extended Labour Day break fell short of expectations, with just over 604,000 visitors recorded, as reported across multiple media outlets. This figure represented a daily average of around 121,000, notably below the 130,000 forecasted by tourism officials.
Last month, the Macao Government Tourism Office (MGTO), anticipated a surge in inbound tourism to Macau for the Labour Day holiday.
Weather conditions impact arrival figuresUnfavourable weather conditions, including rain and gusty winds throughout the Labour Day break, likely contributed to the lower-than-expected visitor numbers. Particularly severe weather conditions were experienced on Saturday, marked by the issuance of the year’s first black rainstorm warning.
Contrasting trends in entry and exit figuresDespite the subdued arrival numbers, the total entries and exits recorded at all of Macau’s border checkpoints saw a notable 11.6 percent year-on-year increase, totaling 2.43 million. This uptick suggests continued mobility despite challenges in visitor arrivals.
Comparison to pre-pandemic levelsThe total visitor numbers recorded between May 1 and May 5 accounted for nearly 85 percent of the comparable figures from 2019, marking a significant recovery towards pre-pandemic levels. This trend underscores Macau’s resilience in rebounding from the impact of Covid-19 on travel and tourism.
Duration of Labour Day breakWhile Labour Day itself is a single-day holiday in Macau, it extends to a three-day break on the Chinese mainland, which constitutes Macau’s primary source of visitors. When combined with the weekend, this creates a five-day vacation period for mainland Chinese travellers, traditionally contributing to increased tourism activity in Macau.
Despite challenges posed by adverse weather conditions, Macau’s ability to attract many visitors during the Labour Day break reflects continued interest in the destination and ongoing efforts towards tourism recovery.
New Macau-Hengqin multi-entry group visa takes effectMeanwhile, starting Monday, a multi-entry visa system tailored for Chinese nationals participating in package tours will launch, facilitating travel between Macau and the nearby Hengqin. The initiative, unveiled by China’s National Immigration Administration, enables package tour participants to enjoy unrestricted movement between the two regions for up to seven days.
Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details here.