ZKasino fraud suspect arrested, $12.2 million seized by Dutch authorities

Dutch authorities have arrested a man suspected of being involved in a scam surrounding the ZKasino online gambling platform.

The Financial Intelligence Unit (FIOD) arrested a 26-year-old man on April 29 on charges of fraud, embezzlement and money laundering.

Dutch authorities seized 11.4 million euros ($12.2 million) worth of cryptocurrency, real estate and luxury cars, according to a May 3 report from FIOD.

This is the first arrest in the Zkasino fraud case, which saw investors lose at least $33 million worth of digital assets. According to Dutch authorities, the platform initially promised users that they would return their investments within 30 days, but the smart contract showed that the platform had no intention of returning the funds.

The suspect’s detention period was extended by 14 days for investigation purposes.

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This is a developing story and additional information will be added as it becomes available.