ETH Vanished, Tokens Locked, Founder Arrested — ZKasino and WhiteRock at Centre of $30M Crypto Scam as WHITE Token Crashes Over 40%

Crypto Founder Arrested Over $30M ZKasino Scam As WhiteRock Token Crashes

Authorities in the United Arab Emirates have detained Ildar Ilham, the founder of WhiteRock Finance, in connection with a multi-million-dollar fraud investigation linked to the failed crypto project ZKasino.

The arrest comes amid growing scrutiny over the DeFi protocol, with allegations that Ilham played a role in siphoning $30 million from unsuspecting investors.

From Promises To Fallout: What Went Wrong With ZKasino?

ZKasino launched in April 2024 with big promises of token airdrops and future returns.

But those returns never came.

Instead, over 10,500 ETH—worth around $27 million at the time—was converted into the project’s own token and locked up, with investors unable to retrieve their funds.

Shortly after, Dutch authorities arrested a 26-year-old man identified by local media as Elham Nourzai.

He was charged with fraud, embezzlement, and money laundering in connection with the scheme.

Now, more than a year later, Ilham, a 21-year-old Norwegian citizen also known online as @XBT_Prometheus, has been apprehended in the UAE.

Authorities are preparing to extradite him to the Netherlands, where the case continues.

WhiteRock’s Deepening Crisis After Links To ZKasino Surface

Ilham’s arrest triggered immediate market turmoil.

WhiteRock’s token, WHITE, plunged over 40% to $0.0003909 following the news, erasing millions from its market cap.

The token had been trading at $0.0006582 earlier that day.

Within 24 hours, its trading volume fell by more than 76%, signalling panic among holders.

False Hopes And Fake Claims?

WhiteRock’s token price had surged over 116% in late May after rumours circulated about a major partnership with a Saudi Arabian oil company.

However, concerns have been raised about the project’s transparency and financial practices.

Blockchain analyst ZachXBT, who has been tracking the ZKasino case closely, said on X that on-chain data linked Ilham directly to the scam through wallet activity and personal email addresses.

He wrote,

“At least one team member from the $30M ZKasino exit scam appears to be involved with the project WhiteRock WHITE.”

ZachXBT also warned that the risk of a rug pull remains high given WhiteRock’s ties to other questionable projects like Syncus and Zigzag.

Observers have raised additional red flags around the project, including the anonymous nature of its team and the mixing of funds between wallets associated with WhiteRock and ZKasino.

Evidence shared by ZachXBT includes messages between Ilham and Nourzai that allegedly reveal their intention never to return investor funds.

On-chain activity further shows a wallet tied to the scam placing a $27 million bet on the price of ETH—funds that were ultimately lost.

Can DeFi Still Be Trusted After Yet Another Alleged Exit Scam?

This latest case adds to the growing list of high-profile crypto frauds that have eroded trust in decentralised platforms.

Regulatory bodies in Europe and the US have increasingly cracked down on such schemes, but with limited global enforcement, projects like ZKasino continue to find ways to operate under the radar.

As WhiteRock’s credibility sinks and its token value tumbles, users are left questioning who they can trust in the decentralised finance space.

Crypto May Be Borderless, But So Is Accountability

Ilham’s arrest in a foreign country and likely extradition to Europe sends a clear message: crypto founders are not beyond reach.

The promise of DeFi may lie in decentralisation, but as this case shows, that doesn’t mean immunity.

As more links emerge between flashy projects and bad actors, the industry is being forced to reckon with the cost of trust lost—and the price investors are paying for chasing hype.