WhiteRock Founder Arrested in $30M ZKasino Scam
WhiteRock Founder Arrested in $30M ZKasino Scam
Ildar Ilham, founder of the decentralized finance (DeFi) protocol WhiteRock Finance, has been arrested in the United Arab Emirates (UAE) in connection with the $30 million ZKasino scam. This follows reporting by crypto sleuth ZachXBT.
According to ZachXBT, UAE authorities arrested Ilham for his alleged role in the wide-scale fraud surrounding ZKasino. WhiteRock Finance is reportedly linked to ZKasino’s fundraising efforts. The scam involved ZKasino’s April 2024 launch, promising an airdrop of its native token, but failing to return investor funds.
This arrest comes after a 26-year-old man, Elham Nourzai, was arrested in the Netherlands in April 2024 on charges of fraud, embezzlement, and money laundering related to the ZKasino case.
Ilham’s Extradition and Market Impact
ZachXBT indicates that Ilham’s arrest is directly connected to the ongoing investigation of Nourzai and ZKasino, with extradition proceedings to the Netherlands now underway. Another individual, Lior Ben Zakan, remains a suspect in the case.
The arrest has significantly impacted WhiteRock’s native token, WHITE. Following the news, the price plummeted by over 40%, dropping from $0.0006582 to $0.0003909.
Codeum: Protecting the Blockchain Ecosystem
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The ZKasino case is only the latest example of scams impacting the crypto space. Recently, US authorities recovered approximately $40,000 from a fraudulent inaugural committee scam.