WhiteRock Finance Founder Arrested in UAE Over $30 Million Crypto Scam

Ildar Ilham, the founder of the decentralized finance protocol WhiteRock Finance, has been taken into custody in the United Arab Emirates (UAE) in connection with a $30 million scam involving ZKasino. The arrest, reported by crypto sleuth ZachXBT, is part of an investigation into "wide-scale fraud" surrounding the platform. ZachXBT's report suggests that WhiteRock was linked to ZKasino's $30 million fundraising efforts, which began in April 2024. The platform promised an airdrop of its native token to select users, but more than a year later, the funds have not been returned.

In April 2024, Dutch authorities arrested a 26-year-old man, reportedly crypto personality Elham Nourzai, on claims of fraud, embezzlement, and money laundering related to the ZKasino scam. Ilham's arrest is connected to the investigation against Nourzai and ZKasino, with his extradition proceedings to the Netherlands underway. Lior Ben Zakan, another individual suspected to be involved with the case, was not mentioned in the arrest report.

The case is one of the latest scams targeting crypto users. The arrest of Ilham in the UAE is a crucial step in the legal proceedings, as Dutch authorities seek to hold him accountable for his alleged role in the scam. The extradition of Ilham to the Netherlands is expected to facilitate a more thorough investigation into the financial dealings of WhiteRock and ZKasino. The case highlights the complexities and risks associated with cryptocurrency investments, particularly when dealing with unregulated platforms and individuals with questionable reputations. As the legal process unfolds, it remains to be seen how the authorities will address the broader implications of the scam and the potential impact on investor confidence in the cryptocurrency market.