WhiteRock Token Plummets 25% After Founder's Arrest in Crypto Scam

WhiteRock, a tokenized equities and bonds brokerage platform, has seen its native token, WHITE, plummet nearly 25% in the past 24 hours following the arrest of its founder, Ildar Ilham. Ilham was detained in the United Arab Emirates in connection with an international investigation into a crypto scam involving Zkasino, a gambling platform that allegedly defrauded users of $30 million.

The link between WhiteRock and the Zkasino scam was first brought to light by blockchain investigator ZachXBT. ZachXBT highlighted on-chain transactions and a personal email address that connected Ilham to the Zkasino exit scam. The investigator also raised several red flags about the WhiteRock project, including the anonymous nature of the team, false claims about partnerships, and commingled fund flows. Additionally, ZachXBT linked WhiteRock’s marketing wallet to the $30 million stolen from the Zkasino platform.

According to ZachXBT, Ilham is currently awaiting extradition to the Netherlands, where he faces criminal charges. The investigator's findings suggest that the risk of a rug pull with WhiteRock remains high due to the team's history with other projects, including Zkasino, Syncus, and Zigzag. A rug pull is a fraudulent scheme where developers abandon a project and run away with investors' funds.

The news of Ilham's arrest and the potential link to the Zkasino scam has raised concerns among investors and the broader crypto community. The token's price had surged by more than 116% on May 30 following rumors of a potential mega partnership with a Saudi Arabian oil company. However, the recent developments have led to a significant drop in the token's value, with WHITE currently trading at around $0.0006233, down 25% in the past 24 hours and nearly 60% over the past month.

The WhiteRock token is listed on several exchanges, including MEXC, BingX, and Gate. The recent events have raised questions about the platform's legitimacy and the safety of investors' funds. The crypto community is closely monitoring the situation as law enforcement continues its investigation into the Zkasino scam and the potential involvement of WhiteRock's founder.