• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
Gemholic

zkSync Project Gemholic Accused Of $3.5 Million Rug Pull – Details

Semilore Faleti
by Semilore Faleti
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

zkSync-based project Gemholic has been suspected of orchestrating a rug pull following a series of malicious moves on Saturday. The company behind the defunct decentralized exchange GemSwap has transferred out formerly inaccessible investor funds raising suspicions from the general crypto community.

Related Reading: $12 Million Crypto Seizure: Dutch Authorities Arrest Suspect Of ZKasino Rug Pull

Gemholic Vanishes From Social Media After Moving Investors’ Funds

In April 2023, Gemholic had 921 Ether (ETH), worth $1.7 million as of then, accidentally locked in one of its zkSync smart contracts, the GemstoneIDO due to an error in the transfer()function. After receiving a request for help from Gemholic, the development team at zkSync announced that the funds were intact and they had developed a solution to unlock the said contract. 

On June 7, 2024, zkSync implemented its recent v24 network upgrade on its mainnet which rectified this contract error, allowing Gemholic to gain access to the previously-locked funds. However, following this development, the team at Gemholic has withdrawn the 921 ETH now valued at $3.5 million from the project’s contract to an unassociated Ethereum wallet.

Furthermore, the zkSync-based project has now wiped off its digital footprint disabling all Telegram channels and X accounts. As expected, these actions have resulted in many crypto enthusiasts accusing Gemohlic of executing a rug pull after making false promises to investors over the last year. 

Gemholic had clearly stated the project would resume following the recovery of the locked funds. Notably on April 21, 2024, they posted on X saying:

We understand that many people have lost faith, but we still believe that the @zksync team can make things right. We need everyone to trust us. As soon as the contract is fixed, we will launch a marketing campaign and a pre-launch for the project. We will also refund the overflow…

However, with what appears to be a heist, Gemholic may be adding to a long list of rug pulls in the crypto space which is already a prominent concern with the nascent industry.

Related Reading: Blasted By Deception: Layer 2 Project Suffers 500 ETH Rug Pull Onslaught

Web3 Dev Criticizes KYC Provider Over Silence

In more news, a Web3 developer with X handle @Nserec has called out blockchain security company SolidProof for their inability to address the alleged rug pull by the Gemholic after conducting the Know Your Customer verification process for the now defunct zkSync-based project. 

NSerec postulates this prolonged silence may be an attempt to prevent fear, uncertainty, and doubt (FUD) among customers. However, the developer demands that SolidProof release a statement admitting their ineptitude or report the case to appropriate legal authorities with an accompanying announcement.

Meanwhile, NSerec has also admonished affected customers of Gemholic’s alleged rug pull to reach out to Binance, as the project’s creator contact was initially funded by the prominent exchange.

Gemholic
Total crypto market valued at $2.468 trillion on the 4-hour chart | Source: TOTAL chart on Tradingview.com
Featured image from CoinsCapture, chart from Tradingview

 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Semilore Faleti

Semilore Faleti

Follow

Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

Full Profile

Related Posts

Zcash news

Zcash (ZEC) Hits A ‘Tipping Point,’ Says Electric Coin Co. CEO

7 hours ago
Tokenization Set to Reshape Traditional Finance, Says Deloitte Survey, As Best Wallet Soars

Tokenization Set to Reshape Traditional Finance, Says Deloitte Survey, As Best Wallet Soars

9 hours ago
Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (October 7)

Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (October 7)

6 hours ago
Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (October 7)

Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (October 7)

6 hours ago
Analyst Predicts a $250K Bitcoin Amid Growing Institutional Support as Bitcoin Hyper Soars

Analyst Predicts a $250K Bitcoin Amid Growing Institutional Support as Bitcoin Hyper Soars

11 hours ago
Bitcoin Could Hit $131K After Setting New ATH, While Bitcoin Hyper Raises Over $22.2M.

Bitcoin Could Hit $131K After Setting New ATH, While Bitcoin Hyper Raises Over $22.2M

12 hours ago

Premium Sponsors

Press Releases

  • Fleet Asset Management Group Brings the Power of Cloud Crypto Mining in a Low-Carbon Package.

    Fleet Asset Management Group Brings the Power of Cloud...

    10 hours ago
  • The Quiet Market Shift Investors Might Be Missing: How Tapzi Is Challenging Institutional Favorites

    The Quiet Market Shift Investors Might Be Missing: How...

    4 days ago
  • Investors Search for Long-Term Upside in This Under-$0.01 Crypto of 2025 Tapzi

    Investors Search for Long-Term Upside in This Under-$0.01...

    4 days ago
  • MoonBull Presale Explodes with over 11,800% Projected ROI as Uptober Sends the Market Soaring

    MoonBull Presale Explodes with over 11,800% Projected ROI...

    4 days ago
  • 狗狗幣引領『Uptober』Meme...

    5 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.