Authorities in the UAE have arrested Ildar Ilham, the founder of WhiteRock Finance, in connection with the $30 million ZKasino scam. The arrest comes as part of a wider investigation into what’s being called a “massive fraud” involving the now-controversial crypto platform ZKasino.
Crypto sleuth ZachXBT broke the news on X, claiming Ilham was detained due to suspected ties between WhiteRock and ZKasino’s shady fundraising activities.
ZKasino launched in April 2024, promising an airdrop of its native token to early users. But over a year later, investors say they haven’t received their funds or the promised tokens.
This isn’t the first arrest in the case. Dutch authorities had already taken 26-year-old crypto personality Elham Nourzai into custody in April 2024, on charges including fraud and money laundering. Ilham’s arrest is believed to be connected to the same investigation, and extradition to the Netherlands is reportedly in progress.
Meanwhile, another alleged associate, Lior Ben Zakan, hasn’t been mentioned in the latest update. The news triggered a sharp drop in WhiteRock’s native token, WHITE, which plunged over 40% to $0.0003909.
This is yet another warning sign for investors in the crypto space. Just this week, U.S. authorities reported recovering only $40,000 out of $250,000 stolen from a donor tricked by a fake inaugural committee.
As always, investors are urged to do their due diligence and watch out for red flags in DeFi projects.
Also Read: $40K in Crypto Seized in Trump-Vance Inaugural Fraud Case
