According to reports, authorities in the United Arab Emirates have detained Ildar Ilham, the founder of the decentralized finance platform WhiteRock Finance, on suspicion of orchestrating a $30 million scam through ZKasino.
According to cryptocurrency investigator ZachXBT, who posted on the X platform on Thursday, UAE authorities arrested Ilham as part of an investigation into a "massive fraud" involving ZKasino. ZachXBT's report indicated that WhiteRock is linked to the $30 million raised in connection with ZKasino.
It is alleged that this investment scam occurred after ZKasino launched in April 2024, with the platform promising to airdrop ZKasino's native tokens to some users. However, reports suggest that over a year later, the related funds have still not been returned.
In April 2024, Dutch authorities arrested a 26-year-old man, reportedly Elham Nourzai, who is associated with the cryptocurrency industry, on charges of fraud, embezzlement, and money laundering for his involvement in the ZKasino scam.
ZachXBT stated that Ilham's arrest is related to the investigation into Nourzai and ZKasino, and the process for his extradition to the Netherlands is currently underway.
Another individual allegedly involved in the case, Lior Ben Zakan, was not mentioned in the arrest report.
Reports indicate that after Ilham's detention, the price of WhiteRock's native token, WHITE, plummeted over 40% on Thursday, falling from $0.0006582 to $0.0003909.
This case represents another new type of scam targeting cryptocurrency users. U.S. authorities reported on Wednesday that they have recovered about $40,000, while a person who donated to a fake employment committee previously lost over $250,000.
Related: Bitcoin Suisse's legal director points out flaws in EU and Swiss stablecoin regulations
Original article: “WhiteRock Founder to be Extradited for $30 Million ZKasino Case”
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